Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [schedule-c]

For questions about Schedule C (Form 1040), a tax form in the USA

35 questions
10
votes
1 answer

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 and don't have much income this year, so using…
pryoslice
  • 101
  • 2
6
votes
1 answer

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. Claiming the deduction would have decreased the…
RJo
  • 511
  • 3
  • 16
6
votes
3 answers

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 significant as we have the notorious "LLC fee", which…
littleadv
  • 190,863
  • 15
  • 314
  • 526
5
votes
1 answer

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 deducts their percentage before transferring the…
user45623
  • 549
  • 4
  • 12
5
votes
1 answer

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 card, then purchase the computer with that gift…
Lee88
  • 153
  • 1
  • 4
4
votes
2 answers

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 infrequent hobby), the IRS does allow gambling to be…
Brian
  • 119
  • 2
  • 4
4
votes
1 answer

Is a purchase still a Schedule C expense if its paid using a gift card?

I've made an Amazon purchase for my business (self-employed) solely using an Amazon gift card which I received for non-business reasons. Does this still qualify as a business expense on my tax return?
Ben Soyka
  • 165
  • 6
4
votes
5 answers

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 off credit card interest related to business…
Frank
  • 173
  • 1
  • 3
3
votes
2 answers

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).
Sawatadee
  • 159
  • 1
  • 6
3
votes
1 answer

What Schedule C Health care Expenses can I deduct?

I am helping my daughter do her taxes, and have a question about what deductions are appropriate. She is on her own, not a dependent anymore but still on my insurance as she's under 26. Her income is a gig-economy mix. i.e. multiple jobs. The W2s…
JoeTaxpayer
  • 172,694
  • 34
  • 299
  • 561
3
votes
1 answer

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-employed for income tax purposes. When this person does…
Bob
  • 2,240
  • 17
  • 30
3
votes
1 answer

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, advertising, leads for new clients, insurance…
Brian Rogers
  • 413
  • 3
  • 13
2
votes
0 answers

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 Schedule C. On Schedule C, line item 24b is for…
RJo
  • 511
  • 3
  • 16
2
votes
1 answer

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-employment tax are generally the same as for U.S.…
Kurt Peek
  • 499
  • 2
  • 4
  • 11
2
votes
1 answer

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 expenses. But with self-employment tax, I can't…
Foefirelord
  • 187
  • 4
1
2 3