Shouldn't have filed Schedule C - how to correct? Hi,
We filed our taxes and included a Schedule C for my wife's expenses as an artist (her sole occupation). At first glance, the thought was she is in the "start up" part of her career and the expenses being incurred are reasonable, however, she is now concerned that she will not be able to show a profit over the next several years to meet the IRS's requirements and we would have been better off to not include the expenses at all as it would be considered a hobby by the IRS.
If we want to re-file and remove the Schedule C how would we go about doing that? I have seen the IRS 1040X but I'm not sure if that is the correct way to proceed or not.
Thanks in advance. |