Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-28-2014, 01:39 AM
Junior Member
 
Join Date: Mar 2014
Posts: 2
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!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-28-2014, 02:13 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
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).



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 04-02-2014, 01:13 AM
Junior Member
 
Join Date: Mar 2014
Posts: 2
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).



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
section 179 deduction simkokkin Depreciation 1 10-23-2013 09:33 PM
Section 1244 zero5941 C-Corporation 1 11-12-2011 08:37 AM
section 179 depreciation f106pilot Depreciation 1 10-30-2010 12:43 PM
section a of the w4 bommer113 Income 0 06-06-2008 12:54 PM
Section 179 Eligability glassandgear Depreciation 4 12-23-2007 11:41 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.