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June 22, 2021
Question

I need help with the miscellaneous expenses section

  • June 22, 2021
  • 1 reply
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I have fees on my summary form that i paid to lyft do i add these fees i paid on my return?

1 reply

Critter-3
June 22, 2021

There are 17 unique categories for entering business expenses in the TurboTax Home and Business program for a Schedule C ( in addition to the vehicle, home office & assets sections).  If you have a particular expense that does not fit in the other 16 categories listed use Other Miscellaneous Expenses at the bottom of the list.

  •         Click on Business
  •         Click on Business Income and Expenses
  •         Click on I'll choose what I work on
  •         On Profit or Loss from Business, click on the start or update button

On the next screen, click on Edit for your business listed.

On the next screen scroll down to Business Expenses

On Other Common Business Expenses, click on the start or update button



If you are new to being self employed and  are acting as your own bookkeeper and tax preparer you need to educated yourself....  

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 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 

Home Office Expenses … Business Use of the Home

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

https://www.irs.gov/pub/irs-pdf/p587.pdf



There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Home & Business return and will help you keep up in your bookkeeping all year along with calculating the estimated payments needed ....
http://quickbooks.intuit.com/self-employed

 

 

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