TAXES!!!!! I need someones help!

posted 3 years ago in Legal
Post # 3
Member
643 posts
Busy bee

@jesssamesssa:  Did you incorporate the business or are you a sole proprietor? I think it may be best to use an accountant in this case. Any complicated tax issues I use an accountant, otherwise I do it myself. 

Post # 4
Member
2576 posts
Sugar bee
  • Wedding: November 2013

@jesssamesssa:  I am a CPA, and while I don’t know enough specs about your individual case – you can only deduct losses to the extent of your gains in a particular tax year. You can carry forward your loss though. Basically, you would only be able to deduct $60 as that is all you made – you can’t profit tax-wise off your expenses.

However, what might bright up a flag is your disclosing income of $60 without a 1099 – the IRS may wonder if there is more. I would definitely check this out with a professional who knows your personal situation if your expenses are material – you don’t want to lose out on that deduction (and the carryforward effects).

Post # 6
Member
3989 posts
Honey bee
  • Wedding: October 2011

@jesssamesssa:   If you didn’t incorporate the business and have not employed anyone, then you would be considered a sole proprietor.  Therefore, you need to fiill out the Schedule C worksheet.  (Even if you only profited $60)

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors