Is there a place I can read on how to handle import deductions? I do not get a W9 so I do not think a 1099 is valid. This would be me importing products for resale.

[gary-hamilton]

This is my first year to import and what to make sure I handle this correctly.

[Critter-3]

First you don't need to import anything on the Sch C income section ... you can simply enter your total gross income manually as 1 entry in the GENERAL INCOME section.   And you cannot import any 1099-nec forms even if you got them.

[VolvoGirl]

Are you new to self employment?  Are you asking about an importing business or how to import expenses?  Where do you want to import expenses from?  Like from an accounting program?

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or any of the Desktop programs. But you will get the most help in the Home & Business version.

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

Turbo Tax Self Employment info
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

Do you use any accounting program?

You might want to use Quicken or QuickBooks to keep tract of your income and expenses. There is one called QBSE QuickBooks Self Employed that works with Online Turbo Tax and will give you a free online tax return next year.
https://quickbooks.intuit.com/self-employed

You need to report all your income even if you don't get a 1099NEC or 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.

After it asks if you received any 1099NEC it will ask if you had any income not reported on a 1099NEC. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040. The SE tax is already included in your tax due or reduced your refund. The SE tax is in addition to your regular income tax on the net profit.

Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

1040 Schedule C Instructions
https://www.irs.gov/pub/irs-pdf/i1040sc.pdf

Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

Publication 334, Tax Guide for Small Business
https://www.irs.gov/pub/irs-pdf/p334.pdf

[gary-hamilton]

Thanks for the comments particularly VolvoGirl.  I do not think I correctly stated my question. I am searching for information on an importing business and logging those costs. I think it is a w8 that I need to get from them but I also want to understand how the costs are recorded. Not a pure TurboTax question but it will be an issue when tax time comes. 

[Critter-3]

A W-9 & W-8 are both incorrect for what you are asking about.  

To import income and expenses into the TT system you need to use a compatable bookkeeping/accounting program like Quickbooks.  

[gary-hamilton]

I think I am not being clear on my question. I am not asking about importing data into TurboTax. I am asking about the cost associated with an import business. I am in the process of purchasing product outside the country for resale. I would not use a W-9 that I would typically use for local manufacturers so I think it would be a w8. But I really would like to read more on all of the paperwork required around this type of business. Not a TurboTax specific question but it is associated with taxes and I would need to put this in TurboTax at the end of the year. I use QuickBooks for managing the business but this is more properly documenting a section of my business.

[Critter-3]

I doubt anyone on this income tax forum will be able or willing to answer this question.  

[VolvoGirl]

We are not sure exactly what you are asking.  Don't think there's anything special to know or do.   You just enter your income and all your expenses.  If you need to know about sales tax ask your state.  Maybe you need legal advice about buying from a foreign country?  See a lawyer about international law.