Filing Schedule C for freelance work

mac370 — Sun, 24 Mar 2019 19:44:36 GMT

I started freelancing 5 years ago and had filed Schedule C for the past 4 years (and claimed net losses). Last year, I got hired full time at one of my clients and my freelance income drastically decreased, as the full-time position became the bulk of my income (and the company has restrictions on freelancing). I did do some freelance work last year (about $700 worth on a 1099) -- but I'm not sure that's worth filling out an entire Schedule C with expenses, since I don't have as many since both the freelance client and my full-time job reimburse expenses. The software told me taking another loss this year would up my audit risk considerably. Should I instead fill out the Schedule C-EZ this year? And how would I do that in Turbo Tax?

Re: Filing Schedule C for freelance work

DC-taxpayer — Mon, 25 Mar 2019 22:16:23 GMT

The TurboTax interview will walk you through filling out Schedule C. You have to report self-employed income if it was more than $400. You can use the expense information from previous years. If you had a loss, so be it. If you're filing out your tax forms with good intentions (you're trying to do everything correctly) and keep necessary records, don't worry about an audit. Audits are rare these days.

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Filing Schedule C for freelance work

Re: Filing Schedule C for freelance work