@gallardoiiijack7 wrote:
2019 is the first year that I am trying my self employed business as a magician. I have been a professional magician for 38 years. However, 2019 is the first time I decided to perform private shows for the first time full time. I have contracts for birthday parties and weddings and a Christmas Eve show including some office parties and a halloween party.
I'm surprised if you have been a W-2 magician for 38 years. That seems like an intinerant job where you would be self-employed. Maybe you have been a W-2 employee on casinos and cruise ships and so on?
In any case, if you are self-employed, you are expected to keep accurate records of your income and expenses to file your tax return, even if you don't get tax paperwork from your customers or clients. You shouldn't have to "guess" that you had a net loss this year.
Also, if you buy equipment and supplies that you also use for a W-2 job, you can't just expense them on your self-employment Schedule C. You have to allocate the cost based on the percentage of use at each job.
