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Old 03-03-2011, 07:44 PM
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1099m

I had logging done this year and got a 1099m from the sawmill. I need to deduct expenses so what schedule do i use.This is a farm so can I use schedule f. If I can What line on 1040 do I report income. Do I write 1099m on line 18.



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Old 03-04-2011, 05:00 AM
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“ I need to deduct expenses so what schedule do i use.”---> You should report this 1099 Misc income and any other income from your sole proprietorship on Schedule C of the Form 1040 line 1. You should report your income on Sch C line 32 on Form 1040, line 12 and Sch SE line 2. There you can deduct all your related vendor expenses (cost of goods sold) and other business expenses. Remember, as long as the number on SCH SE line 4 is $400 or exceeds $400, then you need to pay self employment tax; the self-employment tax rate for self-employment income earned in calendar year 2011 is 13.3% (10.4% for Social Security and 2.9% for Medicare). For self-employment income earned in 2010, the self-employment tax rate is 15.3%. Also, if you are filing as a sole proprietor or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
See Sch C; http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
Self-Employment Tax (Social Security and Medicare Taxes)
Estimated Taxes
“This is a farm so can I use schedule f. If I can What line on 1040 do I report income.”---->I guess you are NOT a farmer; self-employed farmers report income and expenses from their farming business on Form 1040 Schedule F. Schedule F is to be used only for farmers who are considered sole proprietors.
“ Do I write 1099m on line 18”--->As said above.



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