Author Topic: Self employment questions re taxes  (Read 883 times)

Carrie

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Self employment questions re taxes
« on: January 25, 2018, 04:25:24 PM »
I have two side jobs I have done periodically and I report everything on schedule c. This past year I did not make any money on one (lost my contracting gig in late 2016), but don't know if I just skip the schedule c this year?

The other one is basically a hobby- thought it would be a business but fizzled, but I make tiny amounts of money here and there. I would like to change that to hobby income line, though I've used schedule c for this one too. How do I make that change?  I made less money this year (like, $125 if that) than I paid out in membership dues ($130), but since I thought it would be a better business, I've filed as such in the past.

I guess my question is - since I made no money, and didn't even try, do I have to do anything this year or just skip those forms?

MDM

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Re: Self employment questions re taxes
« Reply #1 on: January 25, 2018, 04:59:42 PM »
FWIW, if you have filed the second one as business in previous years, you could file again with a $5 loss this year.

One can't deduct "hobby" losses, but one can deduct "business" losses.

But not filing Schedule C on either of these is also reasonable.

SeattleCPA

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Re: Self employment questions re taxes
« Reply #2 on: January 25, 2018, 05:00:59 PM »
FWIW, if you have filed the second one as business in previous years, you could file again with a $5 loss this year.

One can't deduct "hobby" losses, but one can deduct "business" losses.

But not filing Schedule C on either of these is also reasonable.

+1

Carrie

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Re: Self employment questions re taxes
« Reply #3 on: January 25, 2018, 05:08:05 PM »
Thank you so much for answering my questions. 
With kids going to school more now, maybe the very small businesses will pick up some steam anyway. I just didn't make any at all the whole year of 2017! (Yet our household savings rate went way up, go us!)