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Business & farm
Since this is an activity intended to make a profit, the IRS considers the amount on Form 1099-MISC to be self-employment income. Report both the income and any related expenses on Schedule C.
If you have bank records to show what was spent on supplies for these classes, you may be able to offset some of the taxable income. In the future, keep good records as you would for any business.
Additional information:
- TurboTax Guide: Reporting Self-Employment Business Income and Deductions
- What is the self-employment tax?
- IRS Deducting Business Expenses
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‎February 23, 2025
10:44 AM
1,125 Views