Straight from the forum, Schedule C advice
This is a discussion on Straight from the forum, Schedule C advice within the YMMSS/STA Complaints forum, part of the Internet HYIP Scams category; Can you believe this??????????? Instructions for filling out Schedule C are in the IRS instructions manual that the IRS sends ...
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#1 |
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Junior Member
Join Date: Feb 2007
Location: Alabama
Posts: 2
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Can you believe this???????????
Instructions for filling out Schedule C are in the IRS instructions manual that the IRS sends you every year or you can pick one up at your local IRS office, federal building, or sometimes at the post office. But here are some tips that should help you out. Schedule C: On line A put "Internet Advertising" as your business. On line B put 999999. On line F (accounting method) check the Cash box. Under income on line 1 put the amount from your 1099. That will also be your gross income on line 7. Under expenses on line 8 put the amount of all the WACs you got this year (from the AT and those you bought out-of-pocket). List any other expenses you may have had on their appropriate lines from 9 to 27. These expenses can be your internet access, virus software, WAC fees (6.5% processing fee for the ones you bought), and anything else that cost you money to run your business. See the IRS instructions manual for ideas. Line 28 is your total expenses. Line 29 is your net income (your 1099 minus your expenses). On line 30 you can list futher expenses for the business use of your home if you qualify (see the instruction manual). Most likely you won't qualify so you will leave this line blank. Line 31 is your net profit or loss. This is the amount on which you will pay taxes if it is a profit. If it's a loss than you will owe no taxes. On line 32 I always check box 32a (all investment is at risk). I don't really know if this is correct or not so maybe another IBA can give an opinion on this. Also, if you made a profit of $400 or more you must fill out Schedule SE (self employment tax). This is actually social security tax. Again, read the instructions for Schedule C in your IRS instructions manual for more details. |
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#2 |
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Guest
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Re: Straight from the forum, Schedule C advice
So according to this, you list what is on the 1099 as income and then expense the same amount as advertising cost?? Doesn't sound right to me...
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#3 |
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Guest
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dcshields check your PM box at YM forum
Robert |
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#4 |
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Guest
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Re: Straight from the forum, Schedule C advice
Since you are visiting the WorldLawDirect forum, I assume you realize that ANYTHING "straight from the (YM) forum" is guaranteed to be bogus.
WLD recommends claiming "theft loss" on original "investment" and amounts claimed on STA-issued tax forms. Consult your tax professional for more information on how to do so. See also: http://www.matrixwatch.org/forums/showthread.php?t=4754 |
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I need to know if this sounds like a scam or anything illegal.
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Re: Straight from the forum, Schedule C advice
Re: Straight from the forum, Schedule C advice




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