As a LLC, I report service fees received (i.e. payments to me / income) on Schedule C. I pay a part of those service fees to others. I generated 1099-MISC forms and sent to those individuals and the IRS in January. Where do I report those payments when completing my business expenses? Thanks!
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For the amounts that you issued Forms 1099-MISC, that can be reported under contract labor.
See the steps to capture this business expense on your Schedule C from TurboTax Expert VinceG1 here: I need to issue a 1099 MISC for Contract Labor.
Thanks greatly!
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