Question

How do I get a hold of someone to discuss a schedule c question.

Forum|Forum|1 year ago
January 25, 2025
1 reply
0 views

I have a side gig restoring cars and am looking for some extra deductions for my w2 income.

Employee

Is the "side gig" a W-2 job---or are you working as an independent contractor on the cars? You do not prepare a Schedule C for a W-2 job.

"looking for some extra deductions for my W-2 income.." You cannot enter job-related expenses for a W-2 job on a federal return.

If you want to "get a hold of someone to discuss...." you can upgrade to one of the Live versions to talk with a tax expert.

LIVE ASSISTED

https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm

Or....you can provide some more details here and we may be able to help you in the user forum.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

M

msbweilandAuthor

Sorry, I’ll clarify. I have a day job and get a w2 from my employer. In the evenings and on weekends I restore old cars and sell them. I usually do one full restoration a year, then sell the car. Can I use those expenses and file a schedule c to help lower my w2 taxes owed?

X

xmasbaby0

Employee

You have self-employment income. You have to report the self-employment income and pay self-employment tax on it for Social Security and Medicare, and perhaps ordinary income tax. And, yes, you need to prepare a Schedule C for your business expenses.

SELF EMPLOYMENT INCOME/“side jobs”

If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare, you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.

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

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

If you live in a state with a state income tax, you might need to make estimated payments to your state.

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves/00/3400413

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-schedule-c/L5Fz3j5us_US_en_US?uid=m6a6gknk

https://ttlc.intuit.com/turbotax-support/en-us/help-article/payroll-additions-deductions/qualify-qualified-business-income-deduction/L0rM2cIIQ_US_en_US?uid=m5zpoxad

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**