I claimed various expenses paid in 2019 in connection with my small business, resulting in a small loss on Schedule C. Huge chunk of those expenses were refunded in 2020 when the seminars/travel was cancelled. I tried entering the amounts as negative amounts on my Schedule C in the same expense fields I used in 2019, but the program says I can't do it. Do I just ignore that I received those refunds or is there somewhere else that I would account for them? Do I show them as business income??
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@ilenearg wrote:
Do I show them as business income??
Yes, you report the refunds as business income that was not reported on a 1099-NEC or 1099-MISC.
@ilenearg wrote:
Do I show them as business income??
Yes, you report the refunds as business income that was not reported on a 1099-NEC or 1099-MISC.
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