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Returning Member
posted Mar 9, 2022 9:30:33 AM

1099

This is my first year to file taxes with a 1099.  What is the best way to maximize my tax return and how do i add in the expenses from my Direct Sales business?

 

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2 Replies
Level 15
Mar 9, 2022 9:37:27 AM

You will be completing Sch C where you report your income and expenses. See this discussion. You probably have a 1099-NEC which replaces the old 1099-misc so don’t let that confuse you. 

https://www.google.com/amp/s/turbotax.intuit.com/tax-tips/self-employment-taxes/how-to-file-taxes-with-irs-form-1099-misc/amp/L3UAsiVBq

Employee Tax Expert
Mar 9, 2022 9:41:54 AM

The Form 1099-NEC would indicate you are self employed as well as your profession of direct sales. This is reported on Schedule C with any expenses that are directly attributable to earning the income.  This would include ordinary and necessary expenses in your line of business.  The following articles will provide information and instruction.