Schedule C Form 1040 Sole proprietor, independent contractor, LLC. How to fill out form Schedule C.

[@BigGollum1]

By far the best video available about the 1040 Schedule C. Thanks

[@KatieStOresCFPChFCEA]

[10:37am PST] @TaxesbyKatie.com Thanks Christian for the very nice comment.

[@Misha_How_To]

Thanks for all the work you put in on your schedule C video!!!!

[@KatieStOresCFPChFCEA]

Glad you like them!

[@callmeacab]

I worked one day as a model (first time ever, I am not a model) and I got a 1099 NEC. I do my own taxes every year. All of the free tax companies want to charge for this from, which I would understand if I made a lot of money or had several forms. But I worked literally one day. Thank you for posting this. I am going to do my best to file on my own.

[@belindapuntanen8588]

I LOVE LOVE LOVE your SET UP GIRL! The TV SCREEN. GOOD JOB. 👍🏼

[@KatieStOresCFPChFCEA]

[3:53pm PST] @TaxesbyKatie.com Thanks Belinda, The big screen really comes in handy for watching funny horse videos on KZbin.

[@ingridrodriguez4936]

I love your presentation is the most clear explanation and instructions to follow and understand it. Thank you 🙏

[@KatieStOresCFPChFCEA]

Thanks Ingrid, Glad it was helpful!

[@taylarogers313]

You have no idea how awesome you are for making this video!!! THANK YOU SO MUCH!!!

[@KatieStOresCFPChFCEA]

[10:33am PST] @SaintOres.com Thanks a lot Tayla, You are so welcome!

[@AbnormalArtsDOTcom]

Excellent content. This video is very valuable. I did a google search for "doing taxes step by step for LLC" and I couldn't find anything accept for garbage posts. I decided to search instead for "completing schedule C for LLC" and your video came up. Thanks so much for posting this. It's very helpful to people like myself who are getting started with an LLC and don't have extra funds. I started an event hosting business right before Covid... Kind of difficult to host public events when there's a pandemic.... LOL 😂

[@KatieStOresCFPChFCEA]

[10:38am PST] @SaintOres.com One of my first clients was/is an events hosting business. She stuck it out through the Covid years when there was almost zero jobs, but has been booked solid the past 18 months. Now her biggest problem is getting help. A nice problem to have. I'll be posting mostly small business and taxation videos. Good luck, and I think you picked a great, in-demand business.

[@AbnormalArtsDOTcom]

@@KatieStOresCFPChFCEA Thanks for the inspiration Katie. I appreciate that.

[@HoaTran-cl7om]

@@KatieStOresCFPChFCEA 😢

[@divinaflamingarrow9556]

I am in a similar LLC new business situation. I am happy for you to find this video also! Let's all have a much better new Year 2023!❤🙏.

[@scott_t_woodsman]

Love the Schedule C video, it’s just what I needed for my taxes.

[@KatieStOresCFPChFCEA]

I appreciate the comment. More to come!

[@KatieStOresCFPChFCEA]

google.com/localservices/review/taxesbykatie Thanks Scott... I appreciate the review.

[@fonz2318]

This was Perfet! As a first time Ebay seller, this has been the most stressful part. I sure I'm going to pay more than I have to for not keeping track of my numbers, but with just this video, you have helped so much. Thank for taking the type and helping those in need with this form. I will defiantly subscribe.

[@KatieStOresCFPChFCEA]

[9:32am PST] @SaintOres.com Thanks Dogfight, Glad it helped! Keep track of those numbers. Sometimes it's not about how much you make, but about how much you save.

[@superdavaa]

Thank you again for your response

[@KatieStOresCFPChFCEA]

You're welcome Dave, and as always....Da Bears.

[@msprincessjellyface]

same here. excellent video. even i can understand this. when making informative videos, they should be simple and to the point like this one. thank you for taking the time out of your very busy day to help and teach us. you are the best. i just liked and subscribed to your platform. you're going to have alot of subscribers the way you present things. again thanks.

[@KatieStOresCFPChFCEA]

[9:58am PST] @SaintOres.com Thanks Dee Dee, I appreciate you taking time to write such a nice comment. Welcome aboard.

[@vivianmak8086]

I love that you really showed how to do. I have W2, and 1099 - besides being a non-resident. How complicated it is to pay taxes in America! Thank you very much!

[@KatieStOresCFPChFCEA]

[9:42am PST] @TaxesbyKatie.com Thanks Vivian, Glad it was helpful! Nothing like paying taxes in the US......

[@adamev1104]

Thank you we miss your videos welcome back...🙏🏻

[@KatieStOresCFPChFCEA]

[09:29am PST] @TaxesbyKatie.com Thanks Adam, I hope to a have a few more long, boring IRS related videos out soon. They seem to be popular during tax season.

[@stuarthighrm]

Great job on this presentation on Sch-C dear so detailed & easy to understand

[@KatieStOresCFPChFCEA]

[11:07am PST] @SaintOres.com Thanks Ray, Detailed and easy to understand will be the slogan on my next business card.

[@BenAziz007]

Thank you. Your videos are very informative and I like how you walk your viewers through step - by - step.

[@KatieStOresCFPChFCEA]

[11:59 AM PST] @TaxesbyKatie.com Thanks Anthony, I appreciate that!

[@kellyh7982]

Can't thank you enough! God bless you!

[@KatieStOresCFPChFCEA]

[9:22am PST] @TaxesbyKatie.com Thanks Kelly, Glad it helped!

[@ariah5093]

Thank you, I'm taking my first tax class and am filling out my first Schedule C Form, and this was very helpful.

[@KatieStOresCFPChFCEA]

[9:59am PST] @SaintOres.com Thanks Ariah, Glad it was helpful! Hope you get an A.

[@kewlleleven9771]

Hello Mrs. Katti, your a true blessing, thank you so much. I love you......

[@KatieStOresCFPChFCEA]

[10:01am PST] @SaintOres.com Thanks Kewll, I'm glad the Sch C video was helpful.

[@justinmom6340]

Awesome presentation and I love the tools you were using!

[@KatieStOresCFPChFCEA]

[2:24pm PST] @TaxesbyKatie.com Thanks Mom of Justin, Glad you liked it! You can never have enough gadgets.

[@kimmycoolnyc3180]

Thank you so much for sharing!

[@KatieStOresCFPChFCEA]

Thanks Kimmy...You are so welcome!

[@Coach_Maxwelle]

Thank You, Very easy to understand!

[@KatieStOresCFPChFCEA]

[09:21am PST] @TaxesbyKatie.com Thanks Coach, Glad to hear that!

[@Adoniachild3]

Thank you, this was so helpful!.

[@KatieStOresCFPChFCEA]

[09:35am PST] @TaxesbyKatie.com Thanks a bunch Rhavon, Glad it was helpful!

[@0ptimusprom]

This video helped so much. Thank you Katie. Subscribed.

[@KatieStOresCFPChFCEA]

[10:11am PST] @SaintOres.com Thanks Jenny, Glad the Sch. C video was helpful! Welcome aboard....

[@divinaflamingarrow9556]

Thank you for this direct transparent information on this matter!!!

[@KatieStOresCFPChFCEA]

Thanks Divina, You're welcome... Glad it was helpful!

[@johnyhawkahsan]

So finally I did file my tax return using the help of my accountant friend. We used OLT software for tax filing, and I am very happy that I filed for the first time successfully. Thank you so much Katie!

[@KatieStOresCFPChFCEA]

[1:35 PM PST] @saintores.com Thanks Ahsan, Good to hear, And I like OLT, it's one of my favorites.

[@jasonsignor7237]

Excellent presentation and information. Thank you!

[@KatieStOresCFPChFCEA]

[10:04am PST] @SaintOres.com Thanks Jason, Glad you enjoyed it! And I appreciate the word 'Excellent".

[@danielhorton6448]

You are a God-send. Thank you!

[@KatieStOresCFPChFCEA]

[10:53am PST] @TaxesbyKatie.com Thanks Daniel, I'll be putting 'God-send' on my next business card.

[@bosshaul1]

Thank You! That Was Very Help Information

[@KatieStOresCFPChFCEA]

Thanks Boss... Glad it was helpful!

[@mariaburciaga7310]

your video is very helpful, very well explained. thank you!!!

[@KatieStOresCFPChFCEA]

[11:11am PST] @TaxesbyKatie.com Thanks Maria, Glad it was helpful!

[@MrHALFPITT]

I'm already addicted to her knowledge & skills thank you so much

[@KatieStOresCFPChFCEA]

[11:41pm PST] @SaintOres.com Thanks Corey, You must be addicted to knowledge to watch a 18 min video on Form Schedule C. Welcome aboard.

[@MrHALFPITT]

@@KatieStOresCFPChFCEA yes indeed my new friend........I've had so many people scam me over this period in time..I rather stop being lazy minded and obtain information from a intelligent classy lady ,such as yourself........🙏👌💕

[@denisensilas]

Hi Katie! If I paid a printer to make my t-shirts for resale to start and then at least 3 more times following in 2020 is that considered contract labor or an expense?

[@KatieStOresCFPChFCEA]

Hey Denise, If you used just the printing service (printing work done) and you provided the T-shirts, then I would list it as contract labor.

[@kentonarnold5069]

Katie, you made doing the tax form seem easy, and by way of your presentation

[@KatieStOresCFPChFCEA]

[11:09am PST] @SaintOres.com Thanks Kenton, Glad the video helped out.

[@PovertyakaGargamel]

Appreciate this info...You helped me out a lot! You gained a sub!!!!

[@KatieStOresCFPChFCEA]

Awesome Dawonne, thank you! I'll be doing more small business and investing videos as soon as the tax season ends.

[@pealoflaughter]

Thank you so much for your videos!!! Very Helpful!!

[@KatieStOresCFPChFCEA]

[10:04am PST] @SaintOres.com Thanks a bunch Courtney, Glad you like them!

[@tatianaorekhova8927]

Omg! Perfect explanation! Thanks a lot!

[@KatieStOresCFPChFCEA]

[11:31am PST] @SaintOres.com Привет Татьяна, спасибо большое за добрые слова. Я буду рада помочь тебе с налоговыми или финансовыми вопросами. Можешь просто написать мне лично. С наступающими праздниками тебя и твою семью

[@ashmos9755]

Thank you for your help👍

[@KatieStOresCFPChFCEA]

Thanks Ash, Happy to help

[@ariah5093]

Thank you for the in-depth insight

[@KatieStOresCFPChFCEA]

[10:05am PST] @SaintOres.com You're welcome. Now get back to studying....

[@javieruribe6070]

Thank you, your information was very helpful.

[@KatieStOresCFPChFCEA]

[9:32am PST] @TaxesbyKatie.com Thanks Javier, Glad it was helpful!

[@johnnydeutschemark3620]

Thanks for the clear instructions.

[@KatieStOresCFPChFCEA]

[11:03am PST] @SaintOres.com Thanks Johnny, Glad it was helpful!

[@jhonoleg]

Love you. Thanks a lot !!! Great content !!!

[@KatieStOresCFPChFCEA]

[12:41pm PST] @TaxesbyKatie.com Thanks J, I appreciate it.

[@lindahines6061]

Great information. Thank you

[@KatieStOresCFPChFCEA]

[3:43pm PST] @TaxesbyKatie.com Thanks Linda, Glad it was helpful!

[@docej3025]

GOD, ALMIGHTY! THANK YOU! THANK YOU! THANK YOU! 😭

[@KatieStOresCFPChFCEA]

[2:43pm PST] @SaintOres.com Thanks Doc.

[@kevaljoshi7594]

Thank you so much for so much valuable information. 😊

[@KatieStOresCFPChFCEA]

Thanks Keval, Glad it was helpful!

[@jadbeth-396]

Great video!!! You should do a video on depreciation... I believe you can help a lot of people. thanks again.

[@KatieStOresCFPChFCEA]

[10:33am PST] @TaxesbyKatie.com Hello JaD'Beth, I agree with you on the idea of doing depreciation video. Will be on my list of videos to film soon.

[@dellahamberg3269]

Thank you so much. I appreciate your help.

[@KatieStOresCFPChFCEA]

[9:33am PST] @SaintOres.com Thanks Della. I appreciate the nice comment.

[@Ahamilton89]

1:42 print pdf version schedule C for PPC Really needed that! I have been searching. Thxs

[@KatieStOresCFPChFCEA]

[1:03pm PST] @TaxesbyKatie.com You're welcome A..... I also love the .pdf versions of everything.

[@seekeroftheway9379]

Instant subscriber. PPP loan here I come! This was my only hurdle. I was super confused because I’m an independent contractor. In all actuality I’m a walking business and I get all the business benefits ! Thank you so much 😊

[@KatieStOresCFPChFCEA]

Thanks a bunch Seeker... Glad it was helpful!

[@JugglingFinance]

Thank you. You are amazing!

[@KatieStOresCFPChFCEA]

[10:37am PST] @TaxesbyKatie.com Thanks Finance Juggler, You are so welcome!

[@remycool8034]

Thanks alot great teacher

[@KatieStOresCFPChFCEA]

Thanks Remy, You are welcome!

[@kimberlyrawlins5731]

this is amazing, thank you!

[@KatieStOresCFPChFCEA]

[10:44am PST] @SaintOres.com Thanks Kimberly, Glad you like it!

[@DesaraiSays]

So very helpful !

[@KatieStOresCFPChFCEA]

[09:01am PST] @TaxesbyKatie.com Thanks Desarai, Glad it was helpful!

[@Kukmandu]

Thank you for this useful video.

[@KatieStOresCFPChFCEA]

[4:55 PM PST] @SaintOres.com Thanks Kukmandu, I'm glad it was helpful.... And I love your MUTTON TAAS video. But it's hard to get goat in the states, so I substitute lamb. (Don't tell my family)

[@alexissuazo3122]

Thanks for your detailed information.

[@KatieStOresCFPChFCEA]

Thanks Alexis, Glad it was helpful!

[@AbnormalArtsDOTcom]

Liked and Subscribed for all future posts

[@KatieStOresCFPChFCEA]

[10:34am PST] @SaintOres.com Thanks.... That's fitting since most everyone who subscribed, including myself, are a touch on the abnormal side.

[@carmenbarrera1231]

I am rrealy happy see that and thank you so much for all that

[@KatieStOresCFPChFCEA]

[1:16pm PST] @SaintOres.com Thanks Carmen, Always good to see you "really happy"....

[@salemcurtisjr5642]

Great commander Romen Diyojen

[@KatieStOresCFPChFCEA]

Semper ubi sub ubi.....

[@william2norman]

This tutorial was well presented and incredibly methodical. Thank you.

[@KatieStOresCFPChFCEA]

[2:34pm PST] @TaxesbyKatie.com Thanks for the nice words Tempest, You're very welcome!

[@carmenbarrera1231]

I FEELING HAPPY TO SEE THAT VIDEO I NOT WANT TO FORGET THAT BECAUSE EVEN I STUDY BUSSINES IN MY COUNTRY ACCOUNTING AND ADMINISTRATION ARE MY HEAD PAIN. THAT IS RREALY NECESSARY E IMPORTANT FOR ME THANK YOU SO MUCH FOR ALL THAT SUPPORT IN THIS AREA.

[@rachiddybokonzi9218]

Thanks for your video

[@KatieStOresCFPChFCEA]

You're welcome... And thanks for the comment.

[@sunshine2166]

Thank you so much

[@KatieStOresCFPChFCEA]

Thanks Sunshine, You're most welcome

[@KymEnterprise]

THANK YOU.

[@KatieStOresCFPChFCEA]

[10:24am PST] @SaintOres.com Thanks Kym, You're welcome!!!!!

[@CertifiedBanga100TV]

You are amazing. My first time filing taxes for my business and felt super overwhelmed but you made it so simple and easy to follow. Thanks so much

[@KatieStOresCFPChFCEA]

[9:32am PST] @TaxesbyKatie.com Hello Twiz -- from the world famous #CertifiedBanga100TV, Thanks, Glad it helped.... And good luck on your channel. You look like Pro.

[@CertifiedBanga100TV]

@@KatieStOresCFPChFCEA thank you, I appreciate you checking out my channel

[@KatieStOresCFPChFCEA]

[10:41am PST] @SaintOres.com Sure. It's not often you see a channel with an attorney talking about trademarking. #5MinutesofTWiZDOM

[@DJbabebwoy]

Very helpful. Thank you very much

[@KatieStOresCFPChFCEA]

[12:25pm PST] @SaintOres.com Thanks DJ, Glad it was helpful!

[@carmendelarosa2339]

😊 thank you

[@KatieStOresCFPChFCEA]

Thanks Carmen, You’re welcome 😊

[@michaelspencer4152]

This is exactly what I have been looking for. I love the detail and line by line explanation. I am starting an appliance repair business after my normal 9-5 and I still am unsure how to handle the vehicle. My original plan was the rent any vehicle I use from myself but now I am wondering if mileage is easier to manage. Hmm

[@KatieStOresCFPChFCEA]

Hello Michael, the best option for you ultimately depends on your individual circumstances. Here's a suggestion since you are just starting your business... when reporting your business activity on your Schedule C, use you own car, track your business miles, and use standard mileage deduction.

[@t.e.1189]

Very nice explanation. Thank you

[@KatieStOresCFPChFCEA]

[11:42am PST] @TaxesbyKatie.com Thanks T.E... ,Glad it was helpful!

[@Misha_How_To]

Thanks again😊

[@KatieStOresCFPChFCEA]

Welcome 😊

[@DaveEntity]

Thank you

[@KatieStOresCFPChFCEA]

[10:24am PST] @SaintOres.com Thanks Dave, You're welcome...

[@tanisha_tlc]

NEW SUBBIE YOU ARE THE BOMB! THANK YOU SO MUCH VERY INFORMATIVE!!!! #PEACEANDLOVE

[@KatieStOresCFPChFCEA]

Thanks for the nice words and welcome aboard. PeaceandLove back at you.

[@oneilcolley3653]

Good Job & Thank you 👍

[@KatieStOresCFPChFCEA]

[9:52am PST] @SaintOres.com Thanks Super Sub Zerooo, I'm glad you liked it.

[@blakeutley2671]

Great job ma’am

[@KatieStOresCFPChFCEA]

[4:53pm PST] @TaxesbyKatie.com Thank you Blake...

[@AlphaBravo860]

Thank you!

[@KatieStOresCFPChFCEA]

Your are welcome Mr A. Bravo... Now get back to gaming.

[@AlphaBravo860]

@@KatieStOresCFPChFCEA lol I took a break from gaming for a little bit. Tired of gaming. I'm trying to grow out an Uber Eats Fleet on Scooters. 🛵 🍕 I've already got my LLC/Business License from State, EIN from GOV. Also got a lot of other things I've learned. Going to eventually change to C corp I think but not until I grow 🪴 a little more. Learning all I can.

[@ykaiden88]

She is awesome

[@KatieStOresCFPChFCEA]

Thanks yKaiden, I appreciate the 'awesome" comment.

[@mohammadalamgir6096]

I see your video excellent!

[@KatieStOresCFPChFCEA]

Thanks, I appreciate that.

[@abdouelhardoul73]

You the best thx so much 😊

[@KatieStOresCFPChFCEA]

[10:55am PST] @SaintOres.com Thanks Abdou, You're welcome!

[@abdouelhardoul73]

I already filling w9 as Uber driver but rejected by nyc small business resilience I don’t know why did I have to check liability limit or individual as sole proprietor thx a lot and I put my socials security number instead ein I appreciate that God bless 🙏🙏🙏

[@abeneko3065]

Katie , Thanks for all your hard work, useful information. Can you please help us for filling " Mark to Market accounting " for day traders. and how to fill form 3115 . thanks

[@KatieStOresCFPChFCEA]

[11:33am PST] @TaxesbyKatie.com Hey Abe, Great suggestion! I do tons of those for traders during tax season (NOW), and it can be a little complicated. I'll put is on my list to do that video.

[@captain8286]

It has arrived !!

[@KatieStOresCFPChFCEA]

Great....thanks... I'll start on the new video now. So I should have it published hopefully tomorrow afternoonish. Thanks for letting me know.

[@captain8286]

@@KatieStOresCFPChFCEA thank you very much

[@KatieStOresCFPChFCEA]

You're welcome...

[@KatieStOresCFPChFCEA]

Still working on the video... there are 2 new versions of the form... shooting for around noon Oregon time.

[@LaRana08]

Awesome !

[@KatieStOresCFPChFCEA]

[11:44am PST] @TaxesbyKatie.com I appreciate that Sola, Thanks!

[@calitropicalfruits8725]

Hi Katie , thanks. very helpful video. Btw what type of the touchscreen device you are using ? Touchscreen television? Thanks

[@KatieStOresCFPChFCEA]

Hey Lynn, That is the new prototype iPhone model 23, due out in 2028. Seriously, it's made by a company that's no longer in business call PPI. It's a 4 foot by 8 foot touch screen monitor. Weighs a ton...

[@gaucho974]

I was gonna ask the same 👀

[@drigocrews]

awesome!

[@KatieStOresCFPChFCEA]

[2:47pm PST] @SaintOres.com Thanks Drigo, Glad you think so!

[@pamhodges8896]

I love your presentation is the clearest explanation and instructions to follow and understand it. Can you write off your apartment rent on your schedule C if I have one complete room dedicated to my business?

[@KatieStOresCFPChFCEA]

[4:38pm PST] @TaxesbyKatie.com Hey Pam, Yes, you can write off the portion of your apartment on your Schedule C if it is dedicated to business use. If your home office is 300 sq. feet or less and you opt to take the simplified deduction, the IRS gives you a deduction of $5 per sq. foot of your home that is used for business, up to a maximum of $1,500 for a 300 sq. foot space.

[@pamhodges8896]

@@KatieStOresCFPChFCEA Thank you for the information. I got stuck with that question.

[@alimehdi5685]

well explained🥰

[@KatieStOresCFPChFCEA]

[3:48pm PST] @SaintOres.com Thanks Ali, Glad you liked it.

[@samoandae]

Hello. Are there any videos for loans or grants for llc’s? And my business was created this year. Thank you and love the videos.

[@KatieStOresCFPChFCEA]

[10:53am PST] @TaxesbyKatie.com Hello Dae, You cannot apply for the PPP program since your business started this year. However I have included a link to the SBA where they help start your business with loans guaranteed by the Small Business Administration. Give them a try... Here's the link. www.sba.gov/funding-programs/loans

[@BB_77550]

Hi Katie!! Thanks for your awesome video. I please have a question regarding to employee meals, so all my lunch/night employee meals who associate with my business that can be added on other expenses on schedule C? I mean deductible expenses? Thanks.

[@KatieStOresCFPChFCEA]

[10:40am PST] @TaxesbyKatie.com Hello Kathy, Yes, If you provide meals to your employees (for your convenience), such as meals for occasional employee overtime for example, are 100% deductible in 2021 and 2022 if the meals are provided by a restaurant.

[@encouragesolutions2595]

Very helpful, thanks. I noticed that you by-passed the loss option which in my first year is important to me. I don't have any debt, just cash and inventory, so what would I put for section 32a & 32b?

[@KatieStOresCFPChFCEA]

[11:41am PST] @TaxesbyKatie.com Hello Encourage, You should select 32a All at Risk. It means you are using your own money in the business.

[@encouragesolutions2595]

@@KatieStOresCFPChFCEA I did thanks.

[@LoveVibrationNation]

Hello Katie, I have a question. First time doing my own taxes. We need 1040 sched C, 1040 SE and 1040 Sched 1?

[@shannongoheen2866]

great instruction! I didn't watch all the way through, I'm struggling more with what to fill in on the 1040?

[@KatieStOresCFPChFCEA]

Hello Shannon, If you can handle a Schedule C, you should have no problem with the 1040.

[@TechnoGlowStick]

If I don't have any expenses to report in the Part II section of the schedule C, do I just leave those boxes blank? Or do I write the number 0 for each box I have nothing to report expenses in?

[@ismaramackenzie6188]

Thanks for this teaching. Very nice explanation. Do you have any video explaining a $0 profit or no activity LLC?

[@KatieStOresCFPChFCEA]

[1:26pm PST] @SaintOres.com Hi Ismara, I'm sorry but I don't have a video regarding the dormant LLC. If your LLC has had no activity or generated no profit, and you are the only member, then you are not required to file a tax return as the LLC is disregarded as an entity. However, you may still need to file local forms depending on your state. For instance, if you are in California, you will need to file CA Form 568.

[@ismaramackenzie6188]

@@KatieStOresCFPChFCEA thanks 😊

[@KatieStOresCFPChFCEA]

[2:37pm PST] @SaintOres.com You're welcome... But you should be relaxing on Sunday, not watching Schedule C videos.

[@gracyellenm]

Great video! I have a question. Where do I put the amount I paid to independent contractors that are corporations? In my understanding, I shouldn't send 1099s to corporations. Should I add that amount to the amount of 1099s and put it on line 11?

[@KatieStOresCFPChFCEA]

[10:21am PST] @SaintOres.com Hello Gracy, Yes, Generally payments to corporations are exempt from 1099 reporting. However, some payments like medical and health care payments, for example, made to corporations generally must be reported on Form 1099-MISC. You will assign those expenses paid to corporations based on applicability. If that expense is contract labor, then you can include it on line 11.

[@ChristianYepez]

great info.. for the updated ppp using gross instead of net, schedule C, the max loan is around $20833, so If i got already a loan last month around 19k using my Net.. I see not a lot difference in the amount? I am missing something?? do i worry about the new rules using gross now?

[@KatieStOresCFPChFCEA]

[09:48am PST] @TaxesbyKatie.com Hey Christian, Last time I looked, they didn't have the finalized rules out yet regarding gross vs net, and how to handle the loan already received using net.

[@dbest4755]

Katie - How to reduce SE TAX as Sole Prop ?

[@bqueen2uhammond73]

Any information or instructions for multiple member LLC’s?

[@pattycaswell9139]

Hi. Your info was on point. I have a question. If your line 31 is negative would you use your line 7. Last year on January I started my business and had a lot of loss

[@KatieStOresCFPChFCEA]

[9:52am PST] @TaxesbyKatie.com Hey Patty, Use your Gross Income (Line 7) for your loan amount calculation.

[@KatieStOresCFPChFCEA]

[10:03am PST] @TaxesbyKatie.com Hey Patty, So you'll want to use Form 2483-C. Here's a link to that video. kzbin.info/www/bejne/rHW3lGeEh9WYbac

[@ricoamelia]

Great video! Thank you so much! I have a question if it’s possible for you to give me some guidance, I filed my 1120S and I deducted my car expenses (gas, maintenance, insurance) but I also do delivery driver jobs for Amazon and Walmart for my 10099-NEC can I deduct mileage on schedule C of my 1040 for those jobs? I use the same car for everything my LLC. Delivery driver jobs and personal

[@KatieStOresCFPChFCEA]

[10:03am PST] @SaintOres.com Hello Ameliz, As an individual taxpayer, you may deduct mileage expenses for business purposes on your Schedule C if you use your personal vehicle for business purposes. This includes mileage incurred while driving for delivery driver jobs for Amazon and Walmart. However, you cannot deduct both car expenses and mileage expenses for the same vehicle for the same purpose. If you choose to deduct mileage expenses, you will need to keep accurate records of your business-related mileage. This includes the date of each trip, the starting and ending locations, the purpose of the trip, and the total number of miles driven for each trip. You should also keep records of any expenses related to your vehicle, such as fuel, maintenance, and repairs, as these can also be deducted. It is important to note that you can only deduct mileage expenses for the portion of the total miles driven that are business-related. You cannot deduct mileage for any personal use of the vehicle. Therefore, you will need to keep track of both your total miles driven and the miles driven for business purposes in order to accurately calculate your deduction. As always, it is recommended that you consult with a tax professional or accountant to ensure that you are accurately reporting your business expenses and maximizing your tax deductions.

[@phuong6569]

With the receipts do I mail that in?

[@hotspot8003]

this is still help full in 2024, what about if you had no income for the business like no activity do i just leave everything blank

[@KatieStOresCFPChFCEA]

Hello Hotspot, No, you generally don't need to file Schedule C if your sole proprietorship business had no income or expenses throughout the year.

[@aslihankuden6378]

Hello, I wonder if one employee pay her tax withholding from her wage, should she fill out the 1040 also?

[@kevinseecharan3744]

This was good

[@KatieStOresCFPChFCEA]

[10:27am PST] @SaintOres.com Thanks Kevin, I'm glad you liked it.

[@missinde2015ablemissnunyaya]

What’s the Max can we get for part time independent contractor who pays more than they make and received unemployment March 20-March 2021 ??! Help

[@AhsanHabib-mi1ei]

Hi, very nice presentation. Thanks. Just wondering if 1099 is applicable for contractors who work from outside of US? Would appreciate if you can let me know.

[@KatieStOresCFPChFCEA]

[2:54pm PST] @SaintOres.com Thanks Ahsan, No, you are not required to file a Form 1099 for a foreign contractor if the contractor is not a U.S. person and the services are wholly performed outside the U.S. A Form 1099 is used to report payments made to an independent contractor. The IRS requires businesses to file Form 1099 for payments made to independent contractors who are U.S. persons and who received more than $600 in payments during the year. However, the IRS does not require businesses to file Form 1099 for payments made to foreign contractors. To determine if a contractor is a U.S. person, you can ask the contractor to complete a Form W-8BEN. The Form W-8BEN is a tax form that is used to certify that the contractor is not a U.S. person. If the contractor completes a Form W-8BEN, you are not required to file a Form 1099 for that contractor. If you have any questions about whether or not you are required to file a Form 1099 for a foreign contractor, you should consult with a tax advisor.

[@ultramindcontrolrealzz8367]

Thank you I have sold all my collection of guitars last year to live and the platform I used gave me a 1099k it was 53k gross before exp my problem is if I do a schedule c I will be at a loss will this trigger an audit

[@KatieStOresCFPChFCEA]

[1:20pm PST] @TaxesbyKatie.com Hey Ultra Mind, Must be sad to sell all your guitars... Loss on your Schedule C doesn't automatically raise a red flag for the IRS. A few years of losses might get their attention.