I freelance and prepare my own taxes. My employer sent me a 1099MISC and I went ahead to file my return before my employer notified me that it was the incorrect form - I should have been sent a 1099NEC. My employer is correcting this on their end and I will get a 1099NEC soon. My question is whether I need to submit an…
I had a W2 job for the first half of 2024 and my W-2 income was $100k. I left my job and started working as a self-employed contractor in December, 2024. I will receive the payment for my December's work in January, 2025. So, I have no self-employed income for 2024, but have some business expenses incurred in December…
Hello, I am a W-2 employee, married filing jointly ($150k combined gross). We have a rental property, and I am starting to do engineering consulting on the side. I have $13k in software expenses for this and will have $0 of income from this business for 2024. I do not have a business license yet but could get one if…
Hi Tax Experts, I’m looking for clarification on how to handle the Amazon Vine program for my tax return. Participants receive products in exchange for reviews, and I’ve received a 1099 form for the fair market value of the items. The confusion lies in how to classify this activity: Is it considered a hobby or something…
How can I sell personal used items on eBay at a loss or for less than what I paid for without being liable for self-employment tax or income tax in Memphis, TN, USA, considering it as hobby income?
The software asked me if I requested a social security tax exemption, which I did not, so I have to pay both federal tax and social security tax on my salary. However, I have an additional housing allowance, which is not subject to federal tax, but it is subject to social security tax. I don't see a way to report this. How…
I created a company with a business account, but for regulations with the client(NY Agency) the payments were being received in the personal account. Deposits were then being made from the personal account to the business account and I paid everything from the business account. I have an accountant(only work the company…
Hi, I am self-employed and have been unmarried for most of 2023. (I got married on Dec 9th, 2023.) Do I have to file jointly with my new husband when filing taxes for 2023?
I have been paying my over 18 year old child for work she is doing for my small business. What are the rules on this as a deduction?
My husband is a 1099 employee. We puchased a truck for him to use for work only. Are we able to use any parts of the loan payment as a deduction on our taxes??
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