I'm opening a private music studio in the middle of June 2020. How do I file taxes? My research so far shows that I will need to fill out a Schedule C form on the 1040 form. Is that all I do? Also, what are 1099 Misc forms, and do I need to fill them out for expenses that I am claiming? Thank you!
May 26, 2020 6:26 PM last updated May 26, 2020 6:26 PM Connect with an expert
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Expert AlumniYes, filing a Schedule C along with your Form 1040 to report your self-employment income and expenses from being a private music teacher is what you will need to do.
The Form 1099-MISC reports income paid to you as an independent contractor. For example, if a company hired you as an independent music teacher and they paid you more than $600 during the year, they would be required to issue you a Form 1099-MISC. Then, you would report that Form 1099-MISC as part of your income on the Schedule C for your music teaching business.
You do not fill out any Form 1099-MISC for expenses that you are claiming unless you have hired an independent contractor to do work for you through your business. You just need to keep documentation and receipts for your business expenses.
See the following TurboTax article for some additional information about business expenses and what you can claim:
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