where can i find info on my "side gig 1099 job" deductions?

[jwishnoff21475]

how do i join the live forum??

[Loretta P]

Hello @jwishnoff21475.  What type of Side Gig 1099 job do you have?

[jwishnoff21475]

i work in water safety for Open Water swimmers, Kayak support 

[jwishnoff21475]

where do i enter my expense deductions using Turbotax?  transportation, tolls , kayak and accesories purchases?  do I declare this as "self employed" ?

[Loretta P]

@jwishnoff21475 That sounds really interesting.  

Here are a two links to TurboTax help articles that go though many of the common deductions for small businesses. 

Taking Business Tax Deductions

Reporting Self-Employment Business Income and Deductions

[Loretta P]

@jwishnoff21475 If you are using your social security number for the business you would report the income and expenses on a Schedule C with your individual tax return.  If you have incorporated or formed a partnership you would file the business tax return 1120 for a corporation, 1120-S for an  S-corporation or 1065 for a partnership.  

What is a Schedule C IRS form?

[jwishnoff21475]

is there a simpler way than using schedule C when total side gig income is about $4000 or less and total deductions are approx $1000 or less? Thanks for your help and suggestions

[Loretta P]

@jwishnoff21475   The Schedule C form is used for all self-employed sole proprietor type businesses.  I have seen them completed with only 2 entries, one for income and one expense.  TurboTax will walk you through completing the Schedule C.  You do not need to enter something on every line, only complete the sections that apply to your business.  

Where do I enter Schedule C?

[jwishnoff21475]

thanks Loretta, last question,

If I buy a new kayak for approx $1500 -$2000 in 2023, can i deduct it as an expense this year for the full amount or does it need to be  amertized and depreciated over time??

[Loretta P]

@jwishnoff21475  That's a great question!  These articles will help you determine based on your situation if it is better to expense using Section 179 in the first year, take bonus depreciation or regular depreciation.

What is a Section 179 deduction?

Managing Assets