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How to track a personal vehicle as a business expense
For vehicle expenses from personal use vehicles, the IRS requires you to document the actual amount of vehicle expenses (fuel, maintenance, licensing fees, car interest, lease payment, insurance, etc.) and the miles driven that are strictly related to the business in a mileage log. In the mileage log you record where each…
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Rental income (Schedule E)
Menu Path: Income > Business Income > Rental Income (Schedule E) If you have rental income from real estate such as a single family home, apartment complex, vacation home, or any other type of real estate that you own, enter your rental information on the Rental Income screen. Income from renting equipment or vehicles…
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I have a 1099-NEC with nonemployee compensation, but I don't have a business. Why do I need a Schedule C?
Nonemployee compensation on a 1099-NEC is self-employment income and usually needs to be reported on Schedule C (or Schedule F if it is farm income) even if you are just doing a little bit of work on the side and do not have an official business. The IRS considers any income reported in Box 1 of the 1099-NEC as…