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Thread: Tax info help

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    Member jasminebg's Avatar
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    Duh Tax info help

    So I bought turbo tax studied it in two days this is the first time I'm doing it. I have 4 1099 misc. I'm not working for 3 anymore. In filing my taxes it asked for business name and address what should I say? Mention the club name it seems like it required bcuz it won't let me pass it. And the second thing is towards the end I was confused on the depreciation and amoralization. Big numbers popped up I dont know I entered all numbers from 1099. And in the loss and profit I mentioned the things like cost of costumes, makeup, accessories,etc and also I entered business mi from home to work. The only problem is my dumbass put my own adress, I don't know what to do should I amend it and correct it.. Oh jeez just when I thought I was doing things right err..any advice? Thank you
    pink lemonaid

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    Banned Melonie's Avatar
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    Default Re: Tax info help

    point 1 - your 2010 tax return must include earnings between January 1 2010 and December 31 2011. Thus any recently received 1099 will cover income during this period.

    point 2 - if you do not have a registered business or LLC or corporation, you can essentially 'make up' any name you want for your own unregistered sole proprietor business. Just be sure to use the exact same name next year or IRS computers may not be able to automatically 'match up' things properly. In my own case I selected 'Melonie Charm Entertainment'

    point 3 - Each of the 1099 forms should list the 'payers' ( = club's ) official name, address, IRS number etc. You must enter this info into TurboTax exactly as it appears on the 1099 forms, or the IRS computers may not automatically 'match up' these payments with the copies they received directly from the clubs. These get entered as business income on schedule C.

    point 4 - depreciation and amortization are for expensive 'business equipment' investments that are expected to 'serve' for several years - like professional sized breast implants, a car purchased in the name of the business etc. It sounds like you don't have anything that would fall in this category.

    point 5 - Costumes, professional makeup, etc. are considered to be 'business expenses' and need not be depreciated. These get entered as expenses on Schedule C

    point 6 - attempting to claim auto expenses / mileage for trips from home to work is specifically disallowed by the IRS

    If you have already ( electronically ) filed your tax returns with major 'mistakes' in them, Turbo Tax offers a button to file an amended tax return. As long as you file an amended tax return within a couple of weeks of your original filing ( i.e. before the IRS starts processing your original return ) it's no sweat.

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    Member jasminebg's Avatar
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    Default Re: Tax info help

    thank you
    pink lemonaid

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