topic I am a hair stylist and rent a booth how do i file my taxes in Investors & landlords

I am a hair stylist and rent a booth how do i file my taxes

shelby-rae-barre — Fri, 31 May 2019 23:46:13 GMT

You need to report all your income even if you don't get...

VolvoGirl — Fri, 31 May 2019 23:46:14 GMT

You need to report all your income even if you don't get a 1099Misc. You use your own records.  You are considered self employed and have to fill out a schedule C for business income.  Enter it under…..
The Business Tab - Continue
Choose Explore on my own or I'll choose what to work on  (if it comes up)
Business Income and Expenses
Then….
Profit or Loss from Business, click Start or Update

You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for 2013  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records.  Just go through the interview and answer the questions.   Then you will enter your expenses.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% for 2013 SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 56.  The SE tax is in addition to your regular income tax on the net profit.

As far as the IRS is concerned, you are self-employed. I...

Carl — Fri, 31 May 2019 23:46:17 GMT

As far as the IRS is concerned, you are self-employed. I see you're using TT Home & Buz Online, so you're set with the correct online version. So you'll start under the Business tab, reporting all income and expenses. Note that in addition to the normal income taxes, you'll also be paying self-employment tax on the business income only, if you made more than $400 in that business.

If you haven't paid for the on-line version yet, you have the choice of using the desktop version of Deluxe or Premier, which may be cheaper for you. You can order the CD or download it and install it to your computer if desired. More information is at https://turbotax.intuit.com/personal-taxes/?view=desktop

Re: I am a hair stylist and rent a booth how do i file my taxes

Esteckel1981 — Fri, 29 Jan 2021 08:02:22 GMT

I’m a hairdresser that booth rents, kind of like an independent contractor. Can I do my own taxes without having to pay for an accountant?

Re: I am a hair stylist and rent a booth how do i file my taxes

Irene2805 — Fri, 29 Jan 2021 13:50:57 GMT

Yes - You can do your own taxes, using TurboTax Self-Employed (online) or TurboTax Home & Business (CD/Download). TurboTax will walk you through the process of preparing your return, including Schedule C for your business.

To enter general information, income, and expenses for your business, please follow these steps:

TurboTax Self-Employed (online)

Click Income and Expenses and then click the Start/Revisit box in the Self-Employment section.
If you haven't yet entered information on your business, you should see a screen, Tell us the type of self-employment work you do. Enter a description of your work, for example dog training, hairdresser, etc.
If you are filing a joint return, indicate whether the business belongs to you or your spouse and click Continue.
Proceed through the screens, entering the requested information.
When you have completed the interview, you will be brought to the Here's your [business] info screen, where you can enter more information on your business, like income, expenses, assets, etc.

TurboTax Home & Business (CD/Download)

Click on the Business tab > Continue > I'll choose what to work on
On the Let’s gather your business info screen, in the Business Income and Expenses section, click the Start/Update button.
If you have already started adding information about your business, you will see the Here's the business info we have so far screen. Click on the Edit box next to the business.
If you haven't already started adding business information, continue through the screens to enter the needed information.
You will now be on the Your [business description] Business screen.
You will be able to select the category you wish to enter—income, expenses, assets, etc.
After finishing with one category, you will be brought back to the Your Business screen to select another category.
Click Continue when finished,

@Esteckel1981