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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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I received a 1099-misc for $1579.90 most of which went to purchasing computer parts, shoul

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I received a 1099-misc for $1579.90 most of which went to purchasing computer parts, shouldn't i only be taxed for my hourly rate and not what i spent on parts? How can i do this in turbo tax?

Hi and welcome to JustAnswer:

 

The customer reported the entire amount they paid you. When you report the income on Schedule C, you can deduct the cost of the parts that were used to provide the service.

MequonCPA and 2 other Tax Specialists are ready to help you