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Recent Discussions

Can anyone confirm the self-employment tax process?
I'm transitioning to self-employment/1099 work and wanted to share my understanding of the tax process and get confirmation I'm not missing anything. My state doesn't have income tax so I shouldn't have anything to do with state tax. Step 1 As a 1099 worker, you pay two types of federal tax: Self-employment (SE) tax.…
1099-PATR and Auto-generating self-employment taxes
I have a loan through a co-op for a piece of land that is NOT part of a business is NOT for-profit. Generally, it's just some land. My co-op sends me a 1099-PATR showing patronage dividends. I entered this in FTU as Business Income on Schedule C, as the FAQ suggested, however, the system then generates self-employment…
Business income
Hi, everyone. I have a question about what qualifies as business income. During the tax year in question, I translated written materials for a nonprofit organization approximately a dozen times. For one of my assignments, I was offered and I accepted financial compensation. How should this income be reflected on my tax…

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