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Deductions & credits
@TheAngeles3000 wrote:If I had known I couldn't deduct these VERY COMMON business expenses, I would have definitely started an S-corp in 2020, to avoid this tax liability.
If this is a BUSINESS, your business needs to be reported on Schedule C, and you can take all valid business deductions.
If it is very irregular or small enough that is is not a business, a S-corporation is likely a very bad idea. You would need to file (and pay) quarterly employer forms, Federal Unemployment (and maybe state) and a W-2/W-3 for the work that you do for the corporation (which is likely most or all of the profit).
‎November 18, 2021
12:57 PM