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blaquebuttafly61
New Member

Good afternoon..I started a homebased business March of 2019..I haven't made $5000 yet so I didn't or don't have a 1099.How do I itemized my expenses including the gas for car, my office, my cell phon

 
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Accepted Solutions
VolvoGirl
Level 15

Good afternoon..I started a homebased business March of 2019..I haven't made $5000 yet so I didn't or don't have a 1099.How do I itemized my expenses including the gas for car, my office, my cell phon

You should get a 1099Misc if someone pays you only $600 or more.  What is 5,000 about?  

 

You can enter 1099Misc or cash Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.

 

How to enter self employment expenses

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-busine...

 

What self employment expenses you can expense

https://ttlc.intuit.com/community/self-employed/help/what-self-employed-expenses-can-i-deduct/00/255...

 

Or There is also The Turbo Tax Free File program which is free for federal and state.  And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE,  etc.

 

To qualify for the Free File website  you just need to meet one of these 3 things.

AGI $36,000 or less.

Active duty military with AGI of $69,000 or less

OR qualify for EIC (earned income credit.)

 

In order to use the Free File program, you have to start it at a special website.  Try signing in at the top right.

https://freefile.intuit.com/

 

How to switch to the Free File website

https://ttlc.intuit.com/community/downgrading/help/how-do-i-switch-to-turbotax-free-file-program/01/...

 

View solution in original post

Opus 17
Level 15

Good afternoon..I started a homebased business March of 2019..I haven't made $5000 yet so I didn't or don't have a 1099.How do I itemized my expenses including the gas for car, my office, my cell phon

If you are self-employed, you are required to keep accurate business records of your income and expenses, even if you don't get tax paperwork from your clients or customers.

 

If you have not filed your 2019 tax return yet, you must include the the business on a schedule C. You report your income and expenses, and the net profit flows to the main form 1040 where it is combined with any other income, dependents, personal deductions, and so on, to determine your final tax owed. List all your 2019 income and expenses; save the 2020 income and expenses for your 2020 tax return.  You can enter each category of expenses in Turbotax, you don't need to attach proof, but keep your receipts and business records for at least 6 years in case of audit. 

 

If you already filed a 2019 return without the business, you must file an amended 2019 tax return to include the business income and expenses for 2019. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

3 Replies
VolvoGirl
Level 15

Good afternoon..I started a homebased business March of 2019..I haven't made $5000 yet so I didn't or don't have a 1099.How do I itemized my expenses including the gas for car, my office, my cell phon

You should get a 1099Misc if someone pays you only $600 or more.  What is 5,000 about?  

 

You can enter 1099Misc or cash Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.

 

How to enter self employment expenses

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-busine...

 

What self employment expenses you can expense

https://ttlc.intuit.com/community/self-employed/help/what-self-employed-expenses-can-i-deduct/00/255...

 

Or There is also The Turbo Tax Free File program which is free for federal and state.  And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE,  etc.

 

To qualify for the Free File website  you just need to meet one of these 3 things.

AGI $36,000 or less.

Active duty military with AGI of $69,000 or less

OR qualify for EIC (earned income credit.)

 

In order to use the Free File program, you have to start it at a special website.  Try signing in at the top right.

https://freefile.intuit.com/

 

How to switch to the Free File website

https://ttlc.intuit.com/community/downgrading/help/how-do-i-switch-to-turbotax-free-file-program/01/...

 

View solution in original post

Opus 17
Level 15

Good afternoon..I started a homebased business March of 2019..I haven't made $5000 yet so I didn't or don't have a 1099.How do I itemized my expenses including the gas for car, my office, my cell phon

If you are self-employed, you are required to keep accurate business records of your income and expenses, even if you don't get tax paperwork from your clients or customers.

 

If you have not filed your 2019 tax return yet, you must include the the business on a schedule C. You report your income and expenses, and the net profit flows to the main form 1040 where it is combined with any other income, dependents, personal deductions, and so on, to determine your final tax owed. List all your 2019 income and expenses; save the 2020 income and expenses for your 2020 tax return.  You can enter each category of expenses in Turbotax, you don't need to attach proof, but keep your receipts and business records for at least 6 years in case of audit. 

 

If you already filed a 2019 return without the business, you must file an amended 2019 tax return to include the business income and expenses for 2019. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

Carl
Level 15

Good afternoon..I started a homebased business March of 2019..I haven't made $5000 yet so I didn't or don't have a 1099.How do I itemized my expenses including the gas for car, my office, my cell phon

If your business is a disregarded entity (sole propprietorship or single member LLC) then any entity that pays you more than $600 is a tax year is required to issue you a 1099-MISC. If they do not, that is not your problem. But you are still required to report "ALL" business income and expenses on SCH C as a physical part of your personal 1040 tax return.

If your business earned more than $400 in a tax year, then you are "REQUIRED" by law to report the income. That's because in addition to "regular" income tax, you will also pay an additional 15.3% of self-employment tax on the business income that exceeds $400 in a tax year.

So if you are filing single and your total income from all sources is say, $6000 with $1000 of self-employment income, then you are required to file a tax return and report all income from all srouces. WHile you will not pay "regular" tax on any of the income, you will pay the $15.3% self-employment tax on the self-employment income that exceeds $400.

 

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