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[Question] Where to Claim 1099 Income

Discussion in 'Business & Tax Advice' started by caneman, Feb 4, 2011.

  1. caneman

    caneman Regular Member

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    First year of IM income, I have several 1099 miscs that I need to claim... can I claim this income on a federal schedule C, or do I have to claim it as part of my regular income... ?
     
  2. BorisTipsIt

    BorisTipsIt Regular Member

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    If you are a sole proprietor, you have to fill out Schedule C. You need to list all your revs and then reduce the amount by listing all your deductions. The resulting figure is then listed on your 1040 and so on. Turbo Tax can usually handle it if you don't have big income. If you do, a CPA is advisable.
     
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  3. caneman

    caneman Regular Member

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    Thats what I thought, thanks.