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Schedule C

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Our Taxation experts answer questions on Schedule C such as:

  • I'm a Road building Contractor and file a Schedule C. I assume that the total moneys received from all my jobs, labor and materials, goes on line 1. Is it appropriate to put the costs of all the materials (not tools or office expenses) that go into my jobs in “Part V” as “other expenses” under a heading like “Construction Materials.” Also, can I expense small tools (say less that $100 in value) also in Part V or must the be depreciated. If they must be depreciated, would they be a Section 179 depreciation. (In case it matters, my small tools for 2006, the year in question, is $1,261.35)
  • I was not issued a W-2 for 2010 because my submitted expenses (mostly per diems - $26,000) were more than my income ($20,000). Can I just file a Schedule C for other income that I received directly (approximately $5000)? Will I need to document that amount? (the only records I have are personal notes, unless my bank has a record of checks deposited) And can I file that Schedule C as a ""religious worker"" (to avoid paying tax) if I am not an ordained minister, but an overseas missionary?
  • In my father's irrevocable trust, Schedule C ""Distribution of Personal Property"" states that furniture, jewelry...and personal use property go to to his children. His house is not specifictly listed in the trust as to its distribution. There is a schedule D ""Residue"" paragraph listing children and one specific grandchild as beneficiaries. How should the house be considered? (A) personal use property, or (B) Residue?
  • What tax structure should I use; schedule C, schedule E, or some other? I rent a historic guesthouse and am fixing it up to rent out as a short term vacation guesthouse type setup. I don't live there. I have a lease agreement that allows me to sublet, pay all insurance, pay taxes, pay for all improvements, and maintenance.
  • 9years ago my accountant had set up my quick books with Materials, Labor and Subcontractors as Cost of Goods Sold. The tax software I am using has a N/A check box besides inventory in COGS, but it doesn’t print “N/A” on the form when I print the Schedule C. Do I list these expenses these expenses as 1. COGS – even though I don’t have inventory? 2. Other Expenses (Part V) and name each one? 3. or Expenses (Part II) Labor in Wages, materials in Supplies, subcontractors in Contract Labor?
  • I will be filing a schedule C; I'm a sole proprietor. I do not have a home office or another office...so (as a photographer) I work primarily off my laptop. I can't count the space of my couch in my home or my bed...b/c I use them for other things. In 2011 I was living in an apt. and didn't have the space nor did I want to work in my apt. b/c I was alone and work better around people. So, I would go sit in tea shops, use their internet and buy tea to in a sense pay them for my time there. This is what I do all day long every day of the week. One tax person says I can write off the tea I buy. One says I cannot. One says I can write off the mileage to that tea shop - which I assume that is a yes. The biggest ? I have for 2012 is can I write off the tea I buy to sit in these cafe's while I work.

 

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