rekha6990
Apr 6, 2010, 08:26 AM
I got $1100 as 1099-misc income, can I show some expenses to reduce my tax
AtlantaTaxExpert
May 6, 2010, 12:20 PM
If the $1,100 is in Box #7, then report the income on Schedule C.
On the Schedule C, you can list valid business expenses incurred while earning that $1,100. The result will be a rduced tax assessment, because the tax is assessed on the NET income ($1,100 MINUS the expenses) rather than on the full $1,100.
Given the income level, it would NOT surprise me if the expenses exceed the $1,100, resutling in a net LOSS, which IS deductible against other income.