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).