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Sole Proprietorship question on 1040 Schedule C
JoeG1
subscriber Posts: 1
As a sole proprietor, I pay myself like a Contractor and issue myself a 1099-MISC. Do I include these payments as a deduction in Line 11 of 1040 Schedule C? If so, does the 1099-MISC get reported somewhere else in the tax return? Thank you!
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Comments
If you have been paying the way you`ve described, you have almost certainly have been paying the incorrect amount of tax. I`m not an accountant, but I would suggest you call one.
Good luck!
The 1099 is superfluous, so ignoring it on Schedule C should accurately reflect the profit for the year and ensure that I am paying the correct taxes. I will skip the 1099 next year.
Thanks again.