i braid hair for a living how do i claim on taxes

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    You need to report all your income even if you don't get a 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. Enter it under…..
    The Business Tab - Continue
    Choose Explore on my own (if it comes up)
    Business Income and Expenses
    Then….
    Profit or Loss from Business, click Start or Update

    You use your own name 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 you put in your income and expenses if your net profit is $400 or more you will pay 13.3% for 2012 Self Employment tax in addition to your regular income tax. The Schedule SE will be automatically filled out for it.

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

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      I braid hair for a living

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