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Old 03-28-2014, 01:39 AM
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section 179

Hi, if I received a 1099-MISC box 7 non employee comp filled out, for a workshop I taught I understand I have to claim this as self employment income on schedule c. Even though a teacher full time taught a few weeks worth of classes.

Can I take the laptop I purchased as sec 179 deduction? It was not used over 50 percent business ( workshop was only for a month or so) but it was used specifically in the class I taught. Thanks!



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Old 03-28-2014, 02:13 PM
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Quote:
Originally Posted by nysportsfan View Post


#1;Hi, if I received a 1099-MISC box 7 non employee comp filled out, for a workshop I taught I understand I have to claim this as self employment income on schedule c. Even though a teacher full time taught a few weeks worth of classes.



#2;Can I take the laptop I purchased as sec 179 deduction? It was not used over 50 percent business ( workshop was only for a month or so) but it was used specifically in the class I taught. Thanks!
#1;correct.aslongas the amout reported on sch c line 29, 31 is $400 or exceeds $400, you must file return and also aslongas the amount reported on sch se line 2, 3 is also $400 or exceeds $400, you must pay self employment tax. And If you are filing as a sole proprietor and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1k or more when you file your return.however, You do not have to pay estimated tax for the current year if you had no tax liability for the prior year
;You were a U.S. citizen or resident for the whole year;Your prior tax year covered a 12 month period.




#2;When you use the laptop for both business and nonbusiness purposes, you can elect the section 179 deduction only if you use it more than 50% for business in the year you place it in service. If you use the property more than 50% for business, multiply the cost of the laptop by the percentage of business use. Say, May Oak bought and placed in service an item of section 179 property costing $20k. She used the property 80% for her business and 20% for personal purposes. The business part of the cost of the property is $16k (80% × $20k).



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Old 04-02-2014, 01:13 AM
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Thanks! That helps


Quote:
Originally Posted by Wnhough View Post
#1;correct.aslongas the amout reported on sch c line 29, 31 is $400 or exceeds $400, you must file return and also aslongas the amount reported on sch se line 2, 3 is also $400 or exceeds $400, you must pay self employment tax. And If you are filing as a sole proprietor and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1k or more when you file your return.however, You do not have to pay estimated tax for the current year if you had no tax liability for the prior year
;You were a U.S. citizen or resident for the whole year;Your prior tax year covered a 12 month period.




#2;When you use the laptop for both business and nonbusiness purposes, you can elect the section 179 deduction only if you use it more than 50% for business in the year you place it in service. If you use the property more than 50% for business, multiply the cost of the laptop by the percentage of business use. Say, May Oak bought and placed in service an item of section 179 property costing $20k. She used the property 80% for her business and 20% for personal purposes. The business part of the cost of the property is $16k (80% × $20k).



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