We have an Equestrian Facility, we board horses, give lessons and do training. Mainly boarding & lessons. We are a sole proprietor, do we file for a schedule C?

Linux-Ferret — Thu, 06 Jun 2019 14:22:59 GMT

How do we fill out the income as the boarding money we get we buy feed supplies from? The lesson money we mostly turn around again and put it back towards farrier/blacksmith services etc.

Yes, you do. Schedule C reports Profit or Loss From Busin...

HelenaC — Thu, 06 Jun 2019 14:23:00 GMT

Yes, you do. Schedule C reports Profit or Loss From Business. You would enter 100% of the income and then you would enter the feed and farrier/ blacksmith services, etc., as expenses. You are also able to deduct your mileage.

The IRS may consider you to be self-employed and have your own business if:

Money you earn as a contractor, consultant, freelancer, or other independent worker.
It's reported on 1099-MISC (Box 7), 1099-K (Box 1a), or as cash, check or credit card sales transactions.
Requires you to complete Schedule C.
You can deduct expense related to the income.
Requires you to pay self-employment tax.

If your self-employment income was only from cash or personal checks or credit card payments:

Type sch c in the Search box.
Click on “Jump to” link.
This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment.
You may be asked some general questions about your business.
After you answer them, you’ll be taken to the Your XXX Business screen where you can enter this income as Additional Income under Business Income.

If you received a 1099-MISC for your self-employed income :

Type 1099-misc in the Search box.
Click on “Jump to” link.
This will take you directly to the section where you can enter your 1099-MISC.
You’ll also be able to enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment.

You can also enter your related business expenses.

At the 'Your xxxx Business' screen, scroll down to Business Expenses.
To enter expenses like certification, cell phone and office supplies, click start/update next to Other Common Business Expenses.
To enter vehicle expenses click start/update next to Business Vehicle Expense.

See What self-employed expenses can I deduct?

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topic We have an Equestrian Facility, we board horses, give lessons and do training. Mainly boarding &amp; lessons. We are a sole proprietor, do we file for a schedule C? in Business & farm

We have an Equestrian Facility, we board horses, give lessons and do training. Mainly boarding & lessons. We are a sole proprietor, do we file for a schedule C?

Yes, you do. Schedule C reports Profit or Loss From Busin...

topic We have an Equestrian Facility, we board horses, give lessons and do training. Mainly boarding & lessons. We are a sole proprietor, do we file for a schedule C? in Business & farm