4
votes
4answers
55 views
Schedule C - Huge Loss
Is there a limit as to the amount of loss I can report on schedule-C?
Opened a business in 2009 - Revenues = $50,000, Expenses = $125,000.
Included in expenses is about $12,000 s …
1
vote
4answers
35 views
Should independent contractor say business uses cash or accrual method, if he does not remember and last return was so long ago that it cannot easily be checked?
Person worked as a self-employed independent contractor (receiving Form 1099-MISC non-employee compensation) in 2001, 2003, 2004, and 2009, but not in 2005-2008. Person no longer …
2
votes
5answers
66 views
Schedule C contractor is injured. Business expense or itemized deduction?
A schedule C contractor has an industrial accident and is injured. Are his medical costs related to this injury deductible as a business expense on the schedule C or is he required …
1
vote
1answer
16 views
Research and Development since 2008 but business not started yet. How to report loss?
I think I know the answer but keep thinking there is something I'm forgetting. I hope to soon have a client. He has been working on an idea, not patented yet - still in R & D …
1
vote
3answers
244 views
Difference between Schedule C and 1040 Other income
When do you use Schedule C for income/expense and when would you use Form 1040?
2
votes
3answers
71 views
Vehicle expense for late Schedule C
client came in with nasty grams from IRS; they filed a SFR on tax year 2004. He is disabled but used some of his disability proceeds to fund a business for a family member. Clien …
