7

On your tax return's Schedule C, Line B, you need to enter the Principal Business or Professional Activity Code that corresponds to your business's activities. There is a list of these 6-digit codes at the end of the Schedule C instructions. (HTML version here, or you can look at the last two pages of the PDF version.) The directions at the top of this ...


6

Absolutely, and that's exactly what will happen. You may use Form 1040X to amend a 1040 tax return for up to three years after the due date of the initial filing. For instance you may amend your 2017 taxes as late as April 17, 2021. You are at?missed? the time limit to amend 2014 taxes (April 15 2015 + 3 years, but April 15 2018 is a Sunday, so maybe ...


4

Is it true that you cannot amend a tax return to include both a futures loss carry back and a Schedule C at the same time? No, it is not true. You can include all the changes necessary in a single amended return, attaching statement explaining each of the changes. However you're talking about two different kinds of changes. Futures loss carryback is a ...


4

So it looks like @mbhunter's answer was the closest hit. What I got back from my CPA was this: Fill the Schedule E, with expenses allocatable to properties allocated to the properties there. Fill the Schedule C with all the expenses not allocatable to a specific property (including the LLC fee, tax preparation fee, etc). On Schedule C add all the income ...


4

Business expenses reduce business income. The SE tax is paid on business income. The credit for 1/2 the SE tax is based on the amount of SE tax paid. So: Take business net revenue Subtract business expenses to get business income Compute SE tax on business income Deduct 1/2 of SE tax


3

Putting them on line 10 is best suited for your situation. According to Quickbooks: Commissions and Fees (Line 10) Commissions/fees paid to nonemployees to generate revenue (e.g. agent fees). It seems like this website you are using falls under the term "nonemployees".


3

To quote the answer you linked to: Perhaps the simplest way to think about this is you can only deduct an expense that you actually incur. In other words, the expense should show up on a bank or CC statement. So, if your business purchased the $1000 gift card for $800, you should see a $800 charge appearing on a business CC or bank statement. You would ...


3

The 1(a) and 1(b) separation may have been explicit on the return filed electronically. There's a lot of information being electronically filed that you would add in "statements" as attachments to your return if you filed it on paper. One of these statements would be the breakdown for line 1 of your Schedule C, which the matching computer would then be using ...


3

You probably have a lot of depreciation to deduct. The government gets this back when you sell because it lowers the basis of each of your properties and increases the capital gain. So I wouldn't think that this is as great a concern as having a loss due to a lot of non-recoverable deductions (repairs, advertising, etc.). Seems like the most ...


2

I am not an accountant, but I have a light accounting background, despite being primarily an engineer. I also have a tiny schedule C business which has both better and worse years. I am also in the United States and pay US taxes. I assume you are referring to the US Form 1040 tax return, with the attached Schedule C. However little I know about US taxes, ...


2

@KurtPeek Article 14 of the treaty deals with personal income taxes, not selfemployment and welfare, which is unfortunately subject to double taxation if there is no totalization agreement between the countries. Luckily there is one dated back 1949, so you should be able to elect your entity (INPS or SSA) via the form dave_thompson_85 pointed to. For self-...


2

No, not on schedule C, better. Its an "above the line" deduction (line 29 on your 1040). Here's the turbo tax article on it. The instructions for this line set certain limitations that you must take into the account, and yes - it is limited to the net profit from the business. One of the following statements must be true. You were self-employed ...


2

Do you satisfy the necessary criteria listed there? Then why not?... It sounds like you do.


1

On form 8829, line 20 you can list utilities paid for the home office. You have two choices: 1) You can list the entire amount under column (b) as an indirect expense. You will then get a deduction for the fraction of the amount based on what fraction of your home is an office. This makes sense if the service equally benefits your entire home. 2) You can ...


1

Can I fill Form 1040 with Schedule C as individual without registration of any business like sole proprietor, LLC, etc.? Yes. The IRS doesn't care. "Sole Proprietor" is registered when born, usually in a hospital. If you have a birth certificate - you're registered. Will I be able to write off 30% of Apple's commission as expenses when report 1040 form ...


1

In a sole proprietorship AND an LLC, the expenses can still be deducted against the profits or losses from the operations. The IRS does not even require that a profit seeking activity be incorporated under its own entity, hence why this is also applicable in a sole proprietorship. From what you've said, there is no reason to use a more complicated and ...


1

I'm not a tax advisor, but I've done freelance work, so... If any of your side-business revenue is reported on a 1099, you're now a business owner, which is why Schedule C must be filled out. As a business owner, minimum wage doesn't apply to you. All revenue is income to you, and you owe taxes on the profit, after subtracting legitimate (verifiable) ...


1

If the $5000 is income, then you need to pay income taxes on it. That's simply the way it works. Hourly rate has nothing to do with whether or not you pay taxes. If it helps, try to think of the $5000 as the first $5000 you make for the year. Now it's covered by your standard deduction and you're not paying taxes on it.


1

As a (former) landlord, my accountant always suggested splitting such expenses evenly between the properties and claiming them on Schedule E under "Legal and other professional fees".


Only top voted, non community-wiki answers of a minimum length are eligible