
Anonymous
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Get your taxes done using TurboTax
I don't need to get into arguments. Sch C has ONLY expenses, NO revenues.
In order to deduct expenses on Sch C you need TTS.
In order to get wages you need 475 (MTM, ordinary income) and if your link IRS suggest having 2 accounts, one for Portfolio for Capital gains and one for trading as they don't mix in ONE account.
I am not sure for wages/w2, if you only need 475 or 475 along with an entity such as LLC or S crop. I am still working to figure it out.
So far What I have found out it, 401K and Health insurance deduction can only be achieved by having S corp.
‎October 18, 2021
7:53 AM