Ask Experts Questions for FREE Help !
Ask
    kshepard's Avatar
    kshepard Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 14, 2010, 03:21 PM
    I did some work for a hotel and was paid $5500. How much can I deduct from the 1099?
    I did some work for a hotel and was paid $5500. I will receive a 1099MIS form and I was wondering how much it was going to be for and how much I can deduct. I know what I can deduct but don't know how much I can.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 15, 2010, 10:02 AM
    The Form 1099-MISC will show $5,500 as non-employee compensation.

    You will need to report that figure on Schedule C on your 2010 tax return, on which you can claim deductions for expenses incirred while earning that $5,500.

    As I noted in an earlier post, whole books have been written about what deductions can be claimed on Schedule C. You would be best served if you use a local tax professional who has experience preparing Schedule C tax returns.
    kshepard's Avatar
    kshepard Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jul 15, 2010, 07:03 PM
    Thank you very much.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jul 16, 2010, 09:56 AM
    Glad to help!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can I deduct H1B legal fees I paid for? [ 8 Answers ]

In 2007 my employer sponsored me for an H1B visa. We made an agreement that I would pay all of the lawyer fees for filing the H1B visa with the immigration office. Am I able to deduct the legal fees I paid? Where do I enter the deduction? On Schedule A Employee Business Expenses Line 7 'Other' or...

1099 to a child for work they did not do or get paid for. [ 4 Answers ]

A family member has been giving my three children 1099's for a least three years. When I asked why I was told that they could use them to write of taxes up to so much money. And I asked about them being to young to work . The repile was they could fold letters or put on stamps sometime. I...

Pay Mortgage in one state, pay rent in the state I work in. Can I deduct rent paid? [ 1 Answers ]

I moved to NY from California in late July of '07 to start a new job. My wife was originally going to move out with me, but has been unable to gain employement in NY. The new plan is for me to move back to CA in the next couple of months. We own a home in CA for which we pay a mortgage, and I pay...

Can an employee be paid regular and with a 1099 for extra work [ 2 Answers ]

I have an employee is will be conducting a training class. Performing this duty is not part of her job description. Can I pay her as a 1099 employee for the "billed" amount of the training?

Deduct taxes paid on new car bought in 2007 [ 11 Answers ]

What are the tricks/traps in deducting the hefty tax paid on a new car bought in 2007? Thanks

View more questions Search