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How do I get a hold of someone to discuss a schedule c question.

I have a side gig restoring cars and am looking for some extra deductions for my w2 income.
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3 Replies

How do I get a hold of someone to discuss a schedule c question.

Is the "side gig" a W-2 job---or are you working as an independent contractor on the cars?    You do not prepare a Schedule C for a W-2 job.  

 

"looking for some extra deductions for my W-2 income.."    You cannot enter job-related expenses for a W-2 job on a federal return.

 

If you want to "get a hold of someone to discuss...." you can upgrade to one of the Live versions to talk with a tax expert.

LIVE ASSISTED

https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm

 

 

Or....you can provide some more details here and we may be able to help you in the user forum.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

How do I get a hold of someone to discuss a schedule c question.

Sorry, I’ll clarify.  I have a day job and get a w2 from my employer.  In the evenings and on weekends I restore old cars and sell them.  I usually do one full restoration a year, then sell the car. Can I use those expenses and file a schedule c to help lower my w2  taxes owed?  

How do I get a hold of someone to discuss a schedule c question.

You have self-employment income.   You have to report the self-employment income and pay self-employment tax on it for Social Security and Medicare, and perhaps ordinary income tax.  And, yes, you need to prepare a Schedule C for your business expenses.

 

SELF EMPLOYMENT INCOME/“side jobs”

 

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/how-do-i-report-income-from-self-employment/00/...

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

If you live in a state with a state income tax, you might need to make estimated payments to your state.

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

 

https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves...

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-schedule-...

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/payroll-additions-deductions/qualify-qua...

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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