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Old 09-23-2016, 03:19 PM
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How to record sales

I will be interning at automacanics, 0 income, until I pass my exam. However he said once I learn the basics he can give me some of those small sales. How would I go about recording that? He basically wants me to be 0 cost to him, I'm just happy he's letting me learn from him. Would it best if I get my own business to record sales. Any advice would be great.



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Old 09-25-2016, 08:42 AM
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I will be interning at automacanics, 0 income, until I pass my exam. However he said once I learn the basics he can give me some of those small sales. How would I go about recording that? ====>>>The intern work would count as freelance as the IRS sees it..UNLESS you are his regular W2 employee,
so if he amount is reported on a 1099-Misc, then it would be reported on line 21of 1040; since you did not pay any social security taxes on this income, you would source this income as being subject to self employment taxes.I mean aslongas the amount on SCh SE line 2/ 3 is $400 or more than $400 then you need topay self employment tax on your internship income. Also, you do not have any expenses to offset any portion of this income, this income would generally not be reported on sch C . Your employer must issue a 1099-MISC if he pays you $600 or more.He basically wants me to be 0 cost to him, I'm just happy he's letting me learn from him. Would it best if I get my own business to record sales. =========>As said unless you have deductible business expenses to claim, then you need to report it on on 1040 directly no sch C/C-EZ is needed. however, aslongas you have business related expenses to be claimed then d you need to report it on sch C/C-EZ; aslongas the amount on sch C of 1040 line 29/ 31 is $400 or more than $400 then you need to file your return.



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