Thanks so much, this was super helpful. A couple of questions for you, though - I have an eBay business, as well as an LLC for my rental property. That said, I presume I would complete two schedule C's, one for each business. Since the rental property is considered pass through income, self employment tax does not apply. Where on the schedule C does it account for that so I am not being taxed for that? Also, which version Turbo Tax software did you use for this video? Was it the Deluxe, Premier, or Home and Business?
What turbo tax version was used here? Deluxe or home business. The reason I ask is, I’m seeing conflicting reports that if you use deluxe version you can report income that cannot itemize deductions.
Is this how I'd file my taxes as a small business in Florida as well? This is my first year filing as a business so not sure if I can do it like this haha, would be nice to save a couple hundred dollars, and the due date is real soon. I have a 2 member LLC, but we do not pull wages from the company, I run it in my free time. It's not a hobby, but I just put all the money back and reinvest into more inventory.
Thank you so much for doing this. After all of this, it asked me about a tax break even though I selected the standard deductions? Do I add estimated tax payments made by Amazon (sales tax)?
Hi! Thank you for sharing 😊 I normally use turbotax for my 1040 W2 for my job as an employee. I did my side gig 2022 for 4 months only and return back to my regular job. I receive 1099NEC for food deliveries. I have to file form 1040 schedule c. Do I need 2nd form 1040 for my regular job to file together? I'm confused. Do I choose 2 different category on turbotax? Need advice please. Thank you!
Great info! Quick question: What if my self-employment income is BELOW the minimum threshold to receive a 1099-K? I manually added up my income, but without a 1099-K, I'm not sure how to input it into TurboTax. Any help would be appreciated!
So l sold some stuff on Mercari. Partially it was a part of my e-seller business (side hustle) but in the same app i sold lot of my personal items. There was no 1099k from Mercari last year because irs postponed that $600 margin. I do have my sales report from Mercari but everything in it is all together. So how should I separate both sales options?
Quick question if you may respond TurboTax Uber I had 1099 K and Lyft I only had a summary which it imported everything over when I finished up and doing a review it prompt me about a Schedule C miscellaneous expense and it will not let me move on am I putting the information that has already been reported in this blank or what because I have nothing else to report that has not already been included in the beginning
😮 great question I was curious about that myself because they never said anything else about that even after covered with still running ramp it and people are still getting sick I missed about a month altogether
I filled a schedule C last year without business digits (lc #). I’m worried though if I can do that this year since the irs is going to be more scrutinized on folks….. guess I’ll find out
If you have a sole proprietorship, you do not necessarily need an EIN. If you have a single member LLC with an EIN, you can list the EIN. It is quite common for unincorporated businesses to not have a business EIN.
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
Super helpful, thank you!. When paying self employment tax, how about the estimated tax?
Thank you! Thank you thank you!
You're welcome. Glad it was helpful!
Thanks so much, this was super helpful. A couple of questions for you, though - I have an eBay business, as well as an LLC for my rental property. That said, I presume I would complete two schedule C's, one for each business. Since the rental property is considered pass through income, self employment tax does not apply. Where on the schedule C does it account for that so I am not being taxed for that? Also, which version Turbo Tax software did you use for this video? Was it the Deluxe, Premier, or Home and Business?
What turbo tax version was used here? Deluxe or home business. The reason I ask is, I’m seeing conflicting reports that if you use deluxe version you can report income that cannot itemize deductions.
Can I use Turbotax Deluxe to prepare this simple tax form?
great
Is this how I'd file my taxes as a small business in Florida as well? This is my first year filing as a business so not sure if I can do it like this haha, would be nice to save a couple hundred dollars, and the due date is real soon. I have a 2 member LLC, but we do not pull wages from the company, I run it in my free time. It's not a hobby, but I just put all the money back and reinvest into more inventory.
Can you do schedule c on turbo tax or can you do it manually?
Thank you so much for doing this. After all of this, it asked me about a tax break even though I selected the standard deductions? Do I add estimated tax payments made by Amazon (sales tax)?
very nice info! thanks!
Glad it was helpful!
Hi! Thank you for sharing 😊
I normally use turbotax for my 1040 W2 for my job as an employee. I did my side gig 2022 for 4 months only and return back to my regular job. I receive 1099NEC for food deliveries. I have to file form 1040 schedule c. Do I need 2nd form 1040 for my regular job to file together? I'm confused. Do I choose 2 different category on turbotax? Need advice please. Thank you!
Super helpful! Any idea how you input returns and allowances on line 2 (i.e. E commerce returns since gross includes returns). Am I missing it?
Did you ever find the answer to this? I have the same question.
@@barbaracaranto8560 there is a separate line for returns in TT software under the entry lines for Shipping Supplies, and Fees.
Do you have a tutorial for an only 1099-nec receipient as source of income
Great info! Quick question:
What if my self-employment income is BELOW the minimum threshold to receive a 1099-K? I manually added up my income, but without a 1099-K, I'm not sure how to input it into TurboTax. Any help would be appreciated!
i have the same question, any answer?
So l sold some stuff on Mercari. Partially it was a part of my e-seller business (side hustle) but in the same app i sold lot of my personal items. There was no 1099k from Mercari last year because irs postponed that $600 margin. I do have my sales report from Mercari but everything in it is all together. So how should I separate both sales options?
Quick question if you may respond TurboTax Uber I had 1099 K and Lyft I only had a summary which it imported everything over when I finished up and doing a review it prompt me about a Schedule C miscellaneous expense and it will not let me move on am I putting the information that has already been reported in this blank or what because I have nothing else to report that has not already been included in the beginning
What if sold through Shopify but I didn’t receive form 1099-k ??
Can you still get self-sick credit on your 2020 taxes if you have not file it yet
😮 great question I was curious about that myself because they never said anything else about that even after covered with still running ramp it and people are still getting sick I missed about a month altogether
Stop asking right? right? right?
Thank you for such training sir..
you're welcome!
What if you don't have the business digits
I filled a schedule C last year without business digits (lc #). I’m worried though if I can do that this year since the irs is going to be more scrutinized on folks….. guess I’ll find out
@@a.colleenfray2138 did u just not put it in
No I did not. Plan on doing it again.
If you have a sole proprietorship, you do not necessarily need an EIN. If you have a single member LLC with an EIN, you can list the EIN. It is quite common for unincorporated businesses to not have a business EIN.
@@JasonDKnott Thank u, I was wondering why the taxes kept getting rejected and it's the for for insurance throughout the year
I am john lol