Tuesday, July 28, 2009

1099 and business-related expense deduction?

To figure out and claim business-related expense deduction for having worked under 1099 as an independant contractor, what form do I use?





Is it Form 1040-ES or Schedule C-EZ (if my exception is under IRS threshold) or both?

1099 and business-related expense deduction?
Schedual C-EZ or C, whichever you're required.





(Never limit your business deductions to 1099's that you send out. You will almost always be able to claim an aweful lot more. Examples: mileage on your vehicle, square footage in your home and depreciation, if you use it for the business, any cash expenses that you get receipts for, depreciation on equipment...)
Reply:1040-ES is Estimated Tax, not the right one for business deductions.





You use Schedule C or Schedule C-EZ to figure your deductions from self-employment.
Reply:Schedule C-EZ if you show a profit of $1500. Schedule C to be sure.


No comments:

Post a Comment