You file both a W-2 (for your wage income) and a Schedule C (for your self-employment income).
Depending on what expenses you are claiming for your self-employment income will determine which TurboTax program is right for you. Start with the free version and TurboTax will prompt you if you need to upgrade to a higher level product.
Since you are considered self-employed, so you can take a
deduction for the chair rental as rental expense and any tools that you use in your hairstyling business. You will include all of
your business income and expenses on a Schedule C. TurboTax will help guide you
through all the various deductible business expenses.
If each piece of equipment is less than $200 per
item, you can include the tools under Business Expenses > Other
Common Business Expenses (start/update) > Other Miscellaneous Expenses
(start/update)
You can enter your
tool expenses (as one total amount) here. You may want to title these expenses as "Small tools"
If however a piece
of equipment is substantially more than $200,
you will need to enter each item (the rest can still be expensed as
above) that is over this amount individually as an asset. You will still be able to claim the full expense as
an IRC section 179 deduction if you has enough income to offset this deduction.
Otherwise you will be able to take a depreciation expenses over the life of the
items.
Enter each asset
under the Your () Business Summary page under assets. Follow the TurboTax
guidance to help you enter this information.
Please refer to this
IRS link for more information about Business
Expenses
