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March 8, 2025
Question

Calculating write off expenses

  • March 8, 2025
  • 2 replies
  • 0 views

How am I able to calculate my write off expenses as an independent contractor who:

1)did not receive a 1099 – NEC because I made less than $600

2)unable to connect my checking account to TurboTax to automatically calculate for me

3)I kept no records of my expenses and unable to reference my 1099-NEC for info because again, I did not receive one. 

    2 replies

    DawnC
    Employee
    March 8, 2025

    You don't need a 1099-nec to report self-employment income - How do I report income from self-employment?  You can use the cash/check entry to report self-employment income that you did not get a tax form for.   

     

    What self-employed expenses can I deduct?

     

    You can deduct expenses that are related to the self-employment income you report on Schedule C.

     

    Where do I enter Schedule C?

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    VolvoGirl
    Employee
    March 8, 2025

    You don't need to get a 1099NEC or 1099Misc or 1099K.  Even if you did you can enter all your income as Cash.  Only the total goes to schedule C.

     

    How to enter income from Self Employment

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653


    You really need to keep good records of your income and expenses.  
    How to enter self employment expenses

    https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/00/27109

     

    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

     

    Turbo Tax Self Employed Tax Hub
    https://turbotax.intuit.com/personal-taxes/self-employment-taxes


    Turbo Tax Self Employment info
    https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...