If I earned less than $600 from my MLM business, did not receive a 1099 form or a schedule C, am I still qualified to write off business expenses like hotel and airfare?
If I earned less than $600 from my MLM business, did not receive a 1099 form or a schedule C, am I still qualified to write off business expenses like hotel and airfare?
Yes, you are supposed to claim your income and expenses from self-employment even if you don't receive a 1099 reporting the income.
You claim the income and expenses by filing a Schedule C with your tax return. To do this in TurboTax:
Open you return and select Federal on the left side menu.
Under Wages & Income, find Self-employment income and expenses.
Select Start/Edit to the right.
Answer the first question Yes.
Enter your self-employment income and expenses in this section.
One word of caution, while it is common to have losses in the first years of a new business, it is risky to continue claiming a self-employment loss for more than three years in a row. Click here to learn more about this.
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