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Level 1

Im a licenced cosmetologist with my own tool expence but doesnt exceed for self employment deduction. what is my next step?

 
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Level 1

Im a licenced cosmetologist with my own tool expence but doesnt exceed for self employment deduction. what is my next step?

As an Independent Contractor, you enter your income and whatever expenses you had on Schedule C. If you have a profit, it will be added to any other income and taxed at your individual rate. In addition, you will be responsible for Social Security and Medicare taxes on the profit. This is calculated by TurboTax.

You may deduct any expense necessary for you to produce income. Examples are continuing education, business cards/advertising, supplies, tools, and chair rental.