This is correct advice. Fully itemized schedule c is required. So is all income, not just 1099 income. If you made $250 from an MSC, you are required to list it.@walesmaven wrote:
Did you file using a Schedule C or just add your income and expenses to your 1040 ?
You'll get a lot of different answers because I'm sure we all do it slightly differently, and even tax professionals and IRS agents (which we're not) will give different answers. I take an "office supplies" deduction of~$100/year which covers ink, paper, binders, clips, staples, etc. It's purposely on the low side. For most people, the amount of time you spend on your phone for shops relative to the total amount of time renders the savings here negligible. Out of 100% phone usage, how much can you document is used for MSing?@4muppets wrote:
My first year filing taxes as a MS, I usually do taxes myself but I want to try to use my expenses for ink for my printer and cell phone use on shops. Is this possible? Is this the itemized form? Do I wait for a Schedule C from each company I shopped over 250? Thanks. Sorry lots of questions. Basically do most of you go to tax specialists? Thanks in advance.
I think the "forms" to which she was referring were the 1099s that the MSCs send.@2stepps wrote:
You never rely on forms from anyone always do your own forms. then it is only you to blame if something is wrong.
You only have to report income over $600. Your 1099 will have everything you need to know. Any income elbow $600 does not have to be reported.