The Tax Questions Blog

Posts Tagged ‘who do you 1099’

Question: Can an actor/model who receives W-2's/1099s respetively, submit schedule c deductions for both?

I knowthat in order for you to be considered a business rather than a hobbies, three of the last 5 years need to be profitable. I have always claimed a business loss based on my 1099 income but make deductions as a "performing artist" which covers both roles. I only have a small percentage of my income from 1099-misc this year, but have the same expenses as last year (less actually). Almost all of my income is W2. My two-fold question is: 1. Can I, the "W-2 receiving ACTOR" file Schedule C, as self-employed since the W-2's come from payroll services for the various commercials I do. 2. In determining eligibility as a business: If I include the "W2 receiving Actor in the equation, then I am profitable " If I only count my 1099 income, then the years of loss don't qualify for schedule C. And yet the combined expenses for being a performing artist always bring my 1099-misc income as a model to a loss. It costs me more to

Answer: You have to show that you are TRYING to make a profit, not necessarily make one. Some businesses take longer than 5 years to make a profit.

You can only deduct the expenses incurred for the income received on the 1099 on Sch C. The other expenses would be reported on a from 2106 Employee Business Expenses. This would carry to Sch A Miscellaneous Deductions Subject to 2% of adjusted gross income and your total itemized deductions need to be higher than your standard deduction.

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HUFFPOST HILL - JULY 20TH, 2010

What's Your Reaction? Even as the Senate cleared a major hurdle in the fight for unemployment benefits and the Judiciary Committee confirmed Elena Kagan for the Supreme Court, the media today seemed to be distracted by slightly more...salacious developments.

January is 1099 Month