3629500
I provide random consulting to companies a few times per year and receive ~ $500 each time. I don't receive 1099 forms for it. But I do have some expenses due to it. How do I declare them in taxes?
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This may be considered self employment income. Report the income and expenses using the links below if you agree.
You can decide if it is hobby or business income. This IRS link will help you: Business or Hobby?
Key elements:
Once you decide what type of income this is you can use the links above or the instructions below to see how to report.
Other Miscellaneous Income:
HOW DO I ENTER 1099-nec EARNING FOR ONE TIME JOB ONLY
ALL of your 2024 income goes on the same tax return, including the income reported on the 1099NEC.
If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare, you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
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