Questions tagged [schedule-c]
Schedule C (Form 1040) is a tax form in the US used to report income or loss from a business one operated or a profession one practiced as a sole proprietor.
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How is remaining inventory items in home business calculated in COGS on schedule C
My wife recently stopped doing her home business which is an MLM clothing sales. Though she cut ties with the company and ended her business in December 2022, she's still left over with a large ...
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Can a Disregarded Entity has a loss on schedule C deduct a loss on the personal return?
I have a single member LLC and chose to be a Disregarded entity. If I have a gain of $500 on my sch C, I have to pay SE tax. But what if I have a $500 loss instead? Do I have to carry it forward? Can ...
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Prove to the bank that a Schedule C business closed a year and half ago
In order to qualify for a first time home buyer refinance in NJ I need a household income of under 102k.
My wife filed as a schedule C for a babysitting group in 2020 17k and 2021 5k. (She stopped ...
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For purposes of US Income taxes: Is delivering for Uber and DoorDash two businesses?
Consider a person who transports people around (for a fee) and gets the riders via Uber. The same person also delivers food for DoorDash. They are not incorporated but they are considered self-...
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Separate bank account / finances from Schedule C sole-proprietorship for single member "disregarded entity" LLC
If having a Schedule C business and then starting a single member LLC (i.e. which the IRS views as a disregarded entity for tax purposes), should a separate bank account / expense tracking need to be ...
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What are the tax implications if I share single credit card processor between my two sole proprietorships?
Can someone who has 2 sole proprietorships share a single credit card processing device to save on processing fees? What would be proper way to file taxes in such case?
Basically, my concern is that ...
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How to pay taxes on single owner LLC
I have a LLC with one employee on Corp 2 Corp. The job pays 100k and the employee makes 70k. I am the only member of the LLC and I read somewhere that the IRS treats one-member LLCs as sole ...
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Schedule C: where to report revenue split and professional supervision fees for a therapist?
My wife is building a business as a therapist. She has signed an agreement with an established private practice whereby they provide certain services/benefits to her -- things like office space, ...
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Schedule E vs Schedule C
I purchased (with a mortgage) a mixed-use building with an LLC in 2019. I rent the two retail/commercial units to two LLC businesses (one owned by me, and one owned by my wife). This building also has ...
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Where does software and trade-journal expenses go on Schedule C?
I can't seem to find on which line of schedule C the following expenses go:
Trade Journal
Software*
*Some of the software has pay-as-you-go, monthly-fee type billing.
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How to separate interest paid on a credit card between personal and business expenses?
My wife has a home business selling clothes. She purchases all her inventory with a credit card but she also uses the card for personal expenses.
I understand that on the IRS Schedule C, we can write ...
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Taxes overpaid when alive; file amended return after death?
While collecting data to file a return for someone who is deceased, I discovered a significant deduction that was repeatedly not claimed in previous years. Specifically, health insurance on Schedule C....
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Self-employed: Claim health insurance on both Schedule A and on 1040 Line 29?
Situation: Tax return for someone who died. They were self-employed with a net profit and with itemized deductions that are worth more than the standard deduction.
The insurance expenses are more ...
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Freelancer, Schedule C, Deductions for MEALS in 2018-2025
This question is specific to sole proprietor freelancers who (a) network with other freelancers, (b) sometimes outsource their work to other freelancers but never employ someone, and (c) file a 1040 ...
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Can we amend last year's Schedule C to indicate reduced income due to a customer refund this year for a product we sold last year?
If a customer gets a refund this year for a product sold last year, can I amend last year's Schedule C to indicate the reduced income and get a refund for tax paid that year?
We have a small business ...
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How to avoid double taxation of self-employment income for a U.S. citizen living in Italy?
I'm a self-employed U.S. citizen living in Italy. According to http://www.expattaxprofessionals.com/wp-content/uploads/pdf/Tax-Handbook-Understanding-the-US-Tax-Basics.pdf, the rules for
paying self-...
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US Self-Employment Tax: Do expenses stack with the 50% SE deduction?
With the primary form 1040, for salaries/wages, things are explained fairly straight forward: you deduct a Personal Exemption, and you deduct EITHER a Standard Deduction OR an Itemized Deduction of ...
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Should I report my S-corp dividends on my 1040 as sched-C self-employment or 1099-div?
I'm using TurboTax and am confused how to report my profits from my S-corp.
On my S-corp K-1, I set line 17c "Div distributions paid from accum earnings" equal to my S-corp's ordinary business income....
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Schedule C: where to deduct service fees on income?
I earn most of my income through a freelancing website which charges a "service fee" (their terminology) on all income I earn through the site. The website acts as the intermediary during payment and ...
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Deducting business expenses paid for by gift card
Let's say I need to purchase a $1000 computer for my sole propietorship / side business. I can pay $1000 and deduct it on my schedule C, but what if I have the opportunity to pay $800 for a $1000 gift ...
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Where should I put Internet expenses for my Home Office?
There are four options:
Other Common Business Expenses - Communication;
Other Common Business Expenses - Utilities; <– I believe it should never be used if you have home office.
Home Office ...
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Business service doesn't exist on tax form. What do you do?
I am a freelancer. I am expected to put a code into the instructions on my 1040 Profit or Loss taxes, but none of the workcodes they list pertain to my specific area of work. If my service is none of ...
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Why does IRS propose to add in 1099-MISC income I already reported on Schedule C?
I received several 1099-MISC and reported this income on line 1 of Schedule C plus a bit more for which I did not receive any 1099-MISC.
Now I'm getting a letter from the IRS proposing to change my ...
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Health insurance deduction on schedule C if also full time employee with w2?
I'm a full time employee of a small company that does not provide any health insurance benefits. As a result I purchase my health insurance as an individual. In addition to my full time work where I ...
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Do I need to file schedule C if I had a net loss?
I ran a business in 2015 (sole proprietorship) that had a net loss, and I have discontinued that business. Do I need to file a schedule C for it, assuming I do not want/need to offset other earnings ...
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When amending a tax return to include a futures loss carry back, are you not allowed to include a Schedule C?
In 2013, I had profits from trading futures contracts, and that profit was reported on Form 6781 of my 2013 tax return. In 2014, I had losses from trading futures contracts. My CPA is amending my ...
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How should I report earnings from Apple (from selling mobile applications in the App Store) in 1040 form in USA?
How should I report earnings from Apple (from selling mobile applications in the App Store) in 1040 form in USA? I'm permanent resident of USA.
Can I fill Form 1040 with Schedule C as individual ...
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Formation of S-Corp for Gambling Trade
Does anyone have personal experience with incorporating an S-Corporation for the gambling trade?
In cases where the gambling activity is consistent and produces sufficient income (versus, say, an ...
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Taxable Website Ad Revenue
This is based in United States. I have Ad revenue that I pay taxes on as Misc income on a schedule C. I also do freelance web development for a hourly rate, and hold a W2 job.
The question: If I ...
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How to Deduct Family Health Care Premiums Under Side Business
I am an employee of a company and I have health insurance through them, pre tax. My company only pays for me so I have private insurance for my wife and kids. I also have a side business, and was ...
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Owning properties through an LLC - how to split the LLC expenses?
I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
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How classify businesses website and domain names on Schedule C
Where on the Schedule C should the following deductions go: 1) business website and 2) domain name purchases for the business (domain names all map to that same business website).
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Where on schedule C should a PO Box Rental fee go?
I'm filling out my US Income tax forms and I am trying to decide where on Schedule C to put the expense for a PO Box Rental.
My first guess was "Communication," but I'm not sure. "Office Expense" or ...
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