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Question

If I did summer sales and don't have a business can and how do I enter my expenses?

Forum|Forum|3 years ago
April 11, 2023
2 replies
0 views

No text available

TurboTax Online

What do you mean by summer sales? How did you get paid?

You do not have to carry on regular full-time business activities to be considered self-employed.

You might need to file a Schedule C for Business Income and Expenses and pay Self-Employment tax on this income.

 

To file a Schedule C, here are the steps:

Sign in to your account and select Pick up where you left off
At the right upper corner, in the search box, type in schedule C and Enter 
Select Jump to schedule C 
Follow prompts

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caveman15-Author

I was recived a 1099-NEC from a pest control company. I had expenses involved.

Employee

1099NEC is self employment income.

Yes you are the owner of your own self employment business. You are in business for yourself. Use your own info. The people or company that pays you is your customer or client. You are considered to have your own business for it. YOU are the business.

You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it. The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

You use your own name and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is at risk. After you put in your income and expenses if your net profit is $400 or more you will pay 15.3% for 2013 Self Employment tax in addition to your regular income tax. The Schedule SE will be automatically filled out for it.

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf

To enter your Business Income (1099-NEC) and Expenses, you can type 'Schedule C' in the Search area, then 'Jump to schedule c'.

Report your 1099-NEC info and then you will be able to enter your related expenses.

Here's more info on Reporting Business Expenses.