Part of my 1099's I recieved include materials used, can I deduct those amounts ?
These materials were purchased by me, do I have to pay income tax on those amounts ?
012016
1 Replies
Critter
Level 15
Jun 5, 2019 2:50:50 PM
When you complete the Sch C you enter the entire amount you are paid and then you enter the expenses and you only pay taxes on the profits. Follow the interview ... it will walk you thru all the sections.
If you have net self
employment income of $400 or more you have to file a schedule C in your
personal 1040 return for self employment business income. You may get a 1099-Misc
for some of your income but you need to report all your
income. So you need to keep your own good records. Here is some
reading material……