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Deductions & credits
If all the income is reported on the 1099 then all of it needs to be reported on the return even if some money is held back for future expenses because if he quit all the money remaining is released to the owner. The expenses paid during the year from this account are deductible in the year they are withdrawn and paid. This is no different than putting some of the money in a business savings account.
‎April 14, 2021
4:08 PM
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