Schedule C

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Hobby activities versus business – Profit purpose?

The IRS as part of their Tax Tip 2021-94 provided more clarification on the hobby activity and how to report hobbies (Schedule 1, Form 1040, line 8). Note that the IRS might disregard expenses on a business if they consider that it is a hobby or just for the purpose of offset other income and

By |2021-07-13T18:20:42+00:00July 15th, 2021|Categories: Business|Tags: , , , , , |

PPP change for Schedule C (self-employed) – You can now use Sales/Revenue

PPP keeps changing, if last week, it allowed ITIN holders, individuals with prior criminal records unrelated to fraud, etc. Now, they are allowing self-employed individuals (Schedule C) to use the revenues/sale amount to calculate the maximum loan amount (capped at around $20k based on the maximum annual salary of $100k). This change will allow taxpayers

By |2021-03-08T08:20:35+00:00March 3rd, 2021|Categories: Business|Tags: , , , , |
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