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For the form schedule C; line 27b. is that the amount i put…

Hello, for the form...

Hello, for the form schedule C; line 27b. is that the amount i put for the excess of start up costs that im not allowed to claim in the first year? Therefore, the remaining amount i have to amortize/depreciate

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

On the form 1040, when calculating Self employment tax for an individual (without a legal standing business), do they just free hand calculate the self employment tax and enter on line 57, or is the 1040 a sequence to where Self employment tax is calculated after neting standard deduction, exemptions, etc. Thanks for youyr help!

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Customer reply replied 4 months ago
Also, if i depreciate the remaining amount of start up costs over 5,000. Does that mean i cant use the standard mileage rate for my vehicle per say?
Answered in 27 minutes by:
3/14/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you with this.

You'll track your unamortized start up costs on a fixed asset schedule and just take it each year as amortization.

Self employment tax is calculated on Schedule SE and uses just your income from Schedule C.

No, the startup costs and vehicles are separate things. You can still use the standard mileage rate.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 4 months ago
For the self employment tax, i thought its on a net basis?

Yup. It's on your net income.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
Thank you, ***** ***** does one claim head of household if your girlfriend claims the baby?
Customer reply replied 4 months ago
Definitely leaving a rating!
Customer reply replied 4 months ago
Is the above possible? i was reading how to just no elaboration

It's not possible, you need to have a dependent on your return to be head of household.

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Customer reply replied 4 months ago
if i had money from other sources other than my business, do i calculate Self employment tax from the total amount entered on line 21 "other income".. since its technically not going on my schedule C
Only if it is considered self employment income.
The term “net earnings from self-employment” means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this subtitle which are attributable to such trade or business, plus his distributive share (whether or not distributed) of income or loss described in section 702(a)(8) from any trade or business carried on by a partnership of which he is a member; except that in computing such gross income and deductions and such distributive share of partnership ordinary income or loss
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Customer reply replied 4 months ago
Hello, when filling out the EIC worksheet. How come it doesnt ask for Self employment income? It only asks for income from line 7 on the 1040

It should ask for earned income, which includes SE income.

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Customer reply replied 4 months ago
If i already filled out a schedule C for my business, but have other income not through the business (not w2), do i fill out a second schedule C?
If you have expenses you can. If not you can just report it as other income.
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Customer reply replied 4 months ago
If i dont have expenses, do i have to calculate Self employment or is that technically not considered a "trade or business"
If it falls under the definition of self-employment income I previously provided, then you pay self employment taxes on it, even if you didn't have expenses..
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Customer reply replied 4 months ago
on form 4562, line 11... when it asks for the smaller of business income or line 5. Is business income regarding gross or net? I assume net
Net
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Customer reply replied 4 months ago
If you dont have an W2 income, only self employment . Are you eligible for the earned income credit assuming all other factors are in check. (its just confusing me with the "at least $1 of earned income; and also when doing it on a bankrate calculator, it wont generate an amount with only self employment income
you are still eligible.
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Customer reply replied 4 months ago
Net Short term capital losses can be reduced from ordinary income , even in amounts over 3k limit right? I have no long term capital gains.
No, you're stuck at the $3k loss
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Customer reply replied 4 months ago
I thought taxes were calculated using a progressive model? When filing my amended return, it asks which method I used to calculate the tax. Do I have an option to use the progressive (first 9325 @ 10%, next 37,250 @15%) or do I have to use the tax tables the irs provides?
The tax tables use the progressive rates. It's just calculated so people doing returns by hand and quickly figure out the tax amount
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Customer reply replied 3 months ago
For the Child tax credit, what is the worksheet to calculate other than the publication 972? I don’t seem to be meeting the requirements. I understand the CTC isn’t refundable, but the ACTC is refundable. Can anyone claim the ACTC?
Customer reply replied 3 months ago
Hey Carter, i cant thank you enough for all your help. You have been such a relief.I have one last question. Regarding the hurricane Irma Tax relief for qualified retirement plans.... I read a quick excerpt on deferring pensions but not sure the exact classification or form to file. Can you please assist in this.

Sorry, I haven't seen anything on that.

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