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Posted by Cool Dude on March 7, 2008, 5:24 pm
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I made $11000 last year as an employee for a gas company as a clerk. I
also made $138 in self employment as an independent distributer for a
marketing co. They had a convention in Vegas that I went to and spent
about $800 between flight and hotel expenses. Can I deduct these
expenses. I did not get a 1099 because my income was less that $600.
Can I file without the the 1099 form. Thanks guys.
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Posted by Bill on March 8, 2008, 10:32 am
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felmuhur@yahoo.com (Cool Dude) posted:
>I made $11000 last year as an employee for a
>gas company as a clerk. I also made $138 in
>self employment as an independent distributer
>for a marketing co. They had a convention in
>Vegas that I went to and spent about $800
>between flight and hotel expenses. Can I
>deduct these expenses. I did not get a 1099
>because my income was less that $600. Can I
>file without the the 1099 form.
Short answer is "Yes."
You are obligated to report any income -- including that from
self-employment -- whether you received a 1099 or not. Now, going to a
convention in Vegas has some ancillary benefits (not overlooked, I'm
sure, by the marketing company who beguiled you into their program).
So, I would not attempt to expense the entire trip and report a loss,
since your actual income was only $138. You won't owe SE taxes anyway,
since your net is well under the $400+ number ... but it appears you
might actually qualify for the Earned Income Credit, and any
self-employment income will feed into that calculation. (Of course, you
may have extensive investment income which would disqualify you from
EIC, or age also might do so.)
I would suggest you consider filing a Schedule C-EZ, deduct an arbitrary
$100 of the "convention travel cost" (figuring 87% of that trip was for
fun) ... and you'll wind up with an insignificant -- but reasonably
reported -- net income of $38.
Bill
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by removeps-groups@yahoo.com on March 8, 2008, 12:59 pm
Please log in for more thread options On Mar 8, 7:32 am, an_ordinary_guy_...@hotmail.com (Bill) wrote:
> Now, going to a
> convention in Vegas has some ancillary benefits (not overlooked, I'm
> sure, by the marketing company who beguiled you into their program).
Why be so conservative? If the conference was 4 days at 8 hours a
day, and you were in Vegas 4 days, they why can't you deduct the
entire airfare and all your meals (provided none of them were
extravagant)?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by rlsusenet@NOSPAMPUHLEEZschnapp on March 9, 2008, 9:57 pm
Please log in for more thread options removeps-groups@yahoo.com wrote:
> On Mar 8, 7:32 am, an_ordinary_guy_...@hotmail.com (Bill) wrote:
>
>> Now, going to a
>> convention in Vegas has some ancillary benefits (not overlooked, I'm
>> sure, by the marketing company who beguiled you into their program).
>
> Why be so conservative? If the conference was 4 days at 8 hours a
> day, and you were in Vegas 4 days, they why can't you deduct the
> entire airfare and all your meals (provided none of them were
> extravagant)?
Perhaps the benefit of being conservative might be to avoid raising the
eyebrows of anyone at the IRS who might be skeptical of the _business
purpose_ of this apparently one-shot enterprise, when the outcome was a
loss that's being taken against ordinary income.
If you have an ongoing business that has a clear intent to generate a
profit (preferably producing income in at least 2 out of 5 years),
that's another matter -- but I suspect you wouldn't be asking this
question of that were the case.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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