Hello,
I was wondering if I claim my income in the "business" section of TT or if I claim my income in the "Taxable Income" or "Deductions" Section. These two sections are very similar and I can't decide on which one.
Thanks!

Hello,
I was wondering if I claim my income in the "business" section of TT or if I claim my income in the "Taxable Income" or "Deductions" Section. These two sections are very similar and I can't decide on which one.
Thanks!





Unless you are paid via a regular paycheck ( with taxes withheld ), it's considered to be business income. Technically, the place to enter this business income is Schedule C line 1b.
Personally speaking I 'create' a 1099 income entry for every different business income source ( even if the source didn't mail me an actual 1099 form ). This allows the 'name' of each of the income sources to appear in the TurboTax supporting detail, and helps if a future audit were to take place.
As to business expenses, i.e. costumes, these are reported on Schedule C part 2, line 27a. Camgirls listing their ISP cost would do so on Schedule C part 2, line 25. Dancers listing their ( bogus ) bust legal expenses would do so on Schedule C part 2, line 17. In other words, there are two dozen different lines available for listing different types of business expenses.
Last edited by Melonie; 02-08-2012 at 12:12 AM.
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