I got $1100 as 1099-misc income, can I show some expenses to reduce my tax
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I got $1100 as 1099-misc income, can I show some expenses to reduce my tax
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.
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