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.
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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.
Then you have to enter it as income. Then you enter all your actual expenses including what you paid for the tickets. It will be a wash and offset the income.
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