New 1099 from online Payment Platforms

Forum|Forum|3 years ago
July 27, 2022
1 reply
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If I have a new business that is using Zelle and Pay Pal as payment apps and I have not filed for an EIN number yet. Will I still be able to deduct all business costs as it is in my personal name.

Michele_H

Level 6

Hi @leeodum thank you for your question, yes you will be able to claim expenses related to your income from Zelle and Paypal. You will report the income and expenses on your personal return as self employment income.

This calculator is for Self employed individuals and can help in determining what expenses are deductible and how much you can expect to pay in self employment tax.

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

Hope this information is helpful.

Michele

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