My LLC received a 1099 NEC from an organization that is a customer. I used those funds directly to purchase a service for them. How do I figure that on my taxes? Enter it in on the business expense section? Any help is appreciated! The amount was about $30,000.
Are you filing schedule C in your personal tax return for your LLC? Why did they give you a 1099NEC? Did they pay you for something? A 1099NEC is for Income. So you need to include it in your gross income and then you enter all your expenses separately in the expense section. It will be 2 separate transactions.
Yes I have a schedule C. They paid me for airline tickets. They sent me the money and then I sent it to the airlines for payment.