Solved: If I filed a 1099-K and deducted all necessary expenses, with the government now owing me money over $3000 would I be given that money or not?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

If I filed a 1099-K and deducted all necessary expenses, with the government now owing me money over $3000 would I be given that money or not?

 
1 Best answer

Accepted Solutions
Highlighted
New Member

If I filed a 1099-K and deducted all necessary expenses, with the government now owing me money over $3000 would I be given that money or not?

Yes, you will receive your refund.

Every business has operating expenses, and a sole proprietorship is no different. As long as your expenses are "ordinary and necessary," in the parlance of the Internal Revenue Service, you can claim them on your tax return.

Taking Business Tax Deductions https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS

Deducting Business Expenses

What self-employed expenses can I deduct? https://ttlc.intuit.com/replies/5559255

View solution in original post

1 Reply
Highlighted
New Member

If I filed a 1099-K and deducted all necessary expenses, with the government now owing me money over $3000 would I be given that money or not?

Yes, you will receive your refund.

Every business has operating expenses, and a sole proprietorship is no different. As long as your expenses are "ordinary and necessary," in the parlance of the Internal Revenue Service, you can claim them on your tax return.

Taking Business Tax Deductions https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS

Deducting Business Expenses

What self-employed expenses can I deduct? https://ttlc.intuit.com/replies/5559255

View solution in original post

Privacy Settings