As a side job not related to my main source of income as an employee of a corporation, I managed a special event. The client cut me a check to cover my management fee and additional expenses like paying for the band, sound and lighting.
The 1099-misc I received is for the full amount. How do I deduct for the additional expenses related to that payment I received?
To enter expenses related to your 1099-Misc once logged into your return click the following
This will all be reported on Schedule C as a sole proprietorship since you were paid as an independent contractor.
To enter expenses related to your 1099-Misc once logged into your return click the following
This will all be reported on Schedule C as a sole proprietorship since you were paid as an independent contractor.
Question: did you issue a 1099 to the band or others you hired if amounts were over $600?
I did not. However, I do have invoices from them. If the band is their own LLC, then they are responsible for their own tax liability, right? I shouldn't have to issue a 1099 for every service I procure from other companies.