Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
leeodum
New Member

New 1099 from online Payment Platforms

If I have a new business that is using Zelle and Pay Pal as payment apps and I have not filed for an EIN number yet. Will I still be able to deduct all business costs as it is in my personal name.

1 Reply
Michele_H
Employee Tax Expert

New 1099 from online Payment Platforms

Hi @leeodum thank you for your question, yes you will be able to claim expenses related to your income from Zelle and Paypal.  You will report the income and expenses on your personal return as self employment income.   

This calculator is for Self employed individuals and can help in determining what expenses are deductible and how much you can expect to pay in self employment tax.

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

Hope this information is helpful.

 

Michele

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v