How do I report my Avon business on my tax return?
I am a new representative and this is the first year I have to claim my Avon business on my return. I am not sure how to do that since I have always worked for a company that has taken taxes out, given us W2s, etc. How do other Avon reps out there claim their earnings? Is there an easy way to do this using TurboTax? Thanks!
Asked By: pj410 - 1/28/2011
Best Answer - Chosen by Asker
It is considered self employment. You report it on schedule C. You also claim business expenses on schedule C and the net profit amount goes onto your 1040 in the income section... More
Answered By: SmartA$$ - 1/28/2011
Additional Answers (5)
They should give you a 1099 if you made over a certain amount (I believe it's $600). I'm pretty sure that type of thing is required by law. So when you get it, you can put that info into Turbo Tax when it asks about income.
Answered By: perfectvelvet - 1/28/2011
The $600 rule applies to the issuing of the 1099-Misc. It has nothing to do with the taxpayer's tax return. The taxpayer files from their records. If they have other income, even $1 has to be reported on schedule C of the 1040.
Answered By: the tax lady - 1/28/2011
You use a Sschedule C and SE.
Answered By: Bibs - 1/28/2011
You have to file Schedule C, Form 1040, to report your income and expenses. Then you take the net profit to Schedule SE, Form 1040, and you'll owe 13.3% in self-employment taxes in addition to your income taxes... More
Answered By: mrreliable3599 - 1/28/2011
you file your income and expenses on Sch C and if the net amount is $400 or more you also file Sch SE, self employment tax
Answered By: tro - 1/28/2011
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