Yes, you do. Schedule C reports Profit or Loss From Business. You would enter 100% of the income and then you would enter the feed and farrier/ blacksmith services, etc., as expenses. You are also able to deduct your mileage.
The IRS may consider you to be self-employed and
have your own business if:
- Money you earn as a contractor, consultant,
freelancer, or other independent worker.
- It's reported on 1099-MISC (Box 7), 1099-K
(Box 1a), or as cash, check or credit card sales transactions.
- Requires you to complete Schedule C.
- You can deduct expense related to the income.
- Requires you to pay self-employment tax.
If your self-employment income was only from cash or personal
checks or credit card payments:
- Type sch c in the Search box.
- Click
on “Jump to” link.
- This
will take you to where you can enter any cash, personal checks or credit card
payments (Form 1099-K) related to your self-employment.
- You
may be asked some general questions about your business.
-
After
you answer them, you’ll be taken to the Your XXX Business screen
where you can enter this income as Additional
Income under Business Income.
If you received a
1099-MISC
for
your
self-employed
income
:
- Type 1099-misc in the Search box.
- Click
on “Jump to” link.
- This
will take you directly to the section where you can enter your 1099-MISC.
- You’ll
also be able to enter any cash, personal checks or credit card payments (Form
1099-K) related to your self-employment.
You can also enter your related business expenses.
- At
the 'Your xxxx Business' screen, scroll down to Business
Expenses.
- To
enter expenses like certification, cell phone and office supplies, click
start/update next to Other Common Business Expenses.
- To
enter vehicle expenses click start/update next to Business Vehicle
Expense.
See
What self-employed expenses can I deduct?
Related Information:
