What Am I Doing Wrong With My Schedule C Form

What Am I Doing Wrong With My Schedule C Form

What Am I Doing Wrong With My Schedule C Form

I have my W2 from my regular job, and I also started a business in which I had a major loss of expense.


I was filing my tax, on my w2 I had 0 federal income tax taken out. Since I have a dependent I got a good amount of refund but when I added my business information and my expenses on the schedule c form it brought my refund amount down from 6000$ to 1000$.

My expenses in my business was 3000$ and I only made 200$ in profit. what am I doing wrong, because I am trying to get back the money I lost from this business?

Thanks again in advance for your help.

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What are The Accounting Concepts

by Memory
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What are the accounting concepts?

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What Can I Do?

by Trevor
(Basingstoke)

I have two part time jobs and a small pension. I earn £10,000 per annum with each job and £3,500 per annum from my pension. Until March 2010 both jobs had the tax code 647L. Now one has the code 647L and the other has the code BR, as does my pension. which means I am paying 60% tax on a total income of £24,000 per annum. is this right? If so when did the change happen? and what can I do about it?

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What Depreciation Method Do I Use For Light Duty Truck?

by John
(Pueblo, CO )

I purchased a light duty truck in Sept. of 2010 for my business. What method of depreciation do I use? The truck I purchased is not new, it is a used 2003 Isuzu, if this makes any difference as to the life of the depreciation. Your help will be greatly appreciated.

Thank you,

John

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What If

by Mike
(Texas)

A full time (college)(high school) student does not make as much as the minimum deduction. Do you enter $.00?

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What Is The Minimum Amount Of Documentation Needed For Gambling Losses?

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My dad wrote a book for use in his electrical business (ie he published a book that he sells to the students that take his class). He received a royalty check for publishing it. I included the income in the gross receipts on his 1065 because it was related to his business. The IRS has sent a letter stating that the royalty check wasn't claimed when it was. Was I supposed to claim the amount on the 1040 or somewhere else?

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What to Include as Earned Income

My wife settled some debts with credit card companies for pennies on the dollar. Do we have to report the money difference that was saved as earned income?

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