Do I have to Use Schedule C?
So here I am again getting less money back if I claim my expenses. I ran my numbers both ways on paper and I'm not sure what I "legally" have to do vs what is best in most cases.
Example- I made $24,000 and won $3600 gambling. If I file a Schedule C and use self-employment tax it's about $4400 in taxes and $6044 in EIC which gives me a refund of about $1760. If I don't file a Schedule C and just use standard deductions my taxable income is much lower with a tax of only $650. I get $4400 in EIC and would get back $3800. Obviously the latter is better for me, but do I HAVE TO claim my business expenses? Do I have to pay self-employment taxes if I'm not writing off business expenses? |
Schedule C
Originally Posted by TwinKristi: Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here: http://events.r20.constantcontact.co...&llr=yatrx4cab |
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