tax question
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You need to put MSing on a schedule C, which is for business, because you are running a business....calling it a side-hustle doesn't change the legal definition.
I paid under $50 for the deluxe version of H&R Block that handles businesses for self-employed people and gives you 5 free e-files. What version are you using?
Edited 1 time(s). Last edit at 04/04/2020 01:25PM by SteveSoCal.
I paid under $50 for the deluxe version of H&R Block that handles businesses for self-employed people and gives you 5 free e-files. What version are you using?
Edited 1 time(s). Last edit at 04/04/2020 01:25PM by SteveSoCal.
I'm not really sure. It kept automatically upgrading my level of service. But I'll redo it. Sounds like I'm doing it wrong. Thanks for responding to my question.
I did the one where I claimed my mileage and my office space. Did you do that?
@greenwhite11 wrote:
I did the one where I claimed my mileage and my office space. Did you do that?
You can do that as an employee as well, so I can't answer that question accurately. There is a Schedule C in federal US taxes. That's what you need as a self-employed business owner. It doesn't have another name.
We on the forum generally shy away from giving tax advice here. I am certainly not a tax professional, but I did post elsewhere here that everyone should be doing taxes instead of watching Netflix, so hopefully that helps get you started....
You can file schedule C with Turbotax for free if you go through the IRS website for the free file edition. H&R Block might have a similar pricing scheme.
[www.irs.gov]
[www.irs.gov]
Freetaxusa is great and you can file for free even with schedule c as a business
Shopping Western NY, Northeast and Central PA, and parts of Ohio and West Virginia. Have car will travel anywhere if the monies right.
If you somehow can't get the free turbo tax version from the IRS website, you can file with credit karma. I filed with them and I found their software easy to use. Although, my friend just filed with turbo tax (non mystery shopper) and there was a box about the covid pandemic and he got the $1200 already! not sure if that's a new thing for all the tax software but i know he used turbo tax....now I wish I had waited 2 weeks before I filed because I have no idea when that 1200 is going to come.
I'm in the process right now of filing with USA tax. My sig other was claimed on my 2018 return because he didn't make enough money. They said dependents don't get the 1200 so guess what I'm doing? filing separate, yep! Why because He needs to get his 1200 too. He is the man after all. Sometimes I wish I could afford an accountant, Sometimes I wish he was the money management type. (brain strain) but I do have certificates in accounting and worked in the proof office at a bank. Oh, well.
I completed the first return using freeusatax and it didn't do a box for the pandemic. Also, he owes a couple of hundred dollars worth of taxes so he/(I did it though for him but showed him each step I took) so we were not able to add direct deposit information. Does anyone know of a way to get them that information?
@chiffon cupcakes wrote:
If you somehow can't get the free turbo tax version from the IRS website, you can file with credit karma. I filed with them and I found their software easy to use. Although, my friend just filed with turbo tax (non-mystery shopper) and there was a box about the COVID pandemic and he got the $1200 already! not sure if that's a new thing for all the tax software but I know he used turbo tax....now I wish I had waited 2 weeks before I filed because I have no idea when that 1200 is going to come.
I did one through Turbo Tax and it did allow me to eneter direct deposit information, even though taxes were owed, wiith an option for the taxes to be paid from that account at a later date. The IRS is supposedly creating an online portal for people to add DD info if it is not already on file, but as of now it is not up.
i Agree - FreeTaxUSA is what i use when I can't find a shop that pays me to get the return completed. You don't hear too much of them, but they are a big player in returns. They will try and get you to purchase the state tax return, but I'm too cheap and go directly to my state's website to enter my info. Same for my local EIT
Watch irs.gov for news. They are setting up a location on that site to enter banking information for folks who do not put it on tax returns. This was on today's news feed in DC.
Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel
Poor customer service? Don't get mad; get video.
Shopping from the Carolinas to New York
Have video cam; will travel
Poor customer service? Don't get mad; get video.
@F and L TeleComm this is a great answer!
@walesmaven wrote:
Watch irs.gov for news. They are setting up a location on that site to enter banking information for folks who do not put it on tax returns. This was on today's news feed in DC.
I do not think to call it a side hustle is really smart because the IRS can say that a side hustle is a Hobby and deny your 1040C. I mean I know that people call it that I would just call it a side job. A job you have to pay taxes on 90% of the time. But you always have to pay SSI and Medicare on what you earn. I know because they got me on that way back in 1981.
My experience with IRS.gov "free file" is, if you earn less than (I think) $58,000 in a year, it's still free -- even if you file with a Schedule C. Last year's return was 96 pages long, and it was still 100% free.
I know -- 96 pages is unbelievable. But when my car broke down and I "sold" it to a junkyard for $50, you wouldn't believe the paperwork that generated! Recapture of business depreciation -- check. Even though I never, ever, took a deduction for depreciation -- check, more and more pages. I had to explain WHY I hadn't taken depreciation. More pages.
I know -- 96 pages is unbelievable. But when my car broke down and I "sold" it to a junkyard for $50, you wouldn't believe the paperwork that generated! Recapture of business depreciation -- check. Even though I never, ever, took a deduction for depreciation -- check, more and more pages. I had to explain WHY I hadn't taken depreciation. More pages.
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