If they are, what would I need as “proof” and what forms would I have to fill out?Are my Restaurant Visits Tax Deductable?
Unless you are itemizing deductions greater than $5,700, you will get no tax deduction for your restaurant expenses. If you itemize, you can deduct the restaurant expenses as miscellaneous deductions subject to 2% of your AGI.
I assume you are not receiving a W-2 but will receive a 1099MISC if you earn more than $600. Enter your payments on Line 21 of Form 1040 as "other income." Since you are not in the trade or business of writing newspaper articles, your payments are not subject to self-employment tax.
Documenting your meals would be easy if you write a review of them. You should keep the receipt or take notes on what you spent.
since these would be income related expenses they would be deductible but only if you itemize and since you are attending school, it is very doubtful you itemize
if the form you completed was a W-9 and you will get a 1099 for this work, then yes, you can claim those you have receipts for on Sch C as a business expenseAre my Restaurant Visits Tax Deductable?
No not deductible because even if you were not doing these restaurant reviews as a critic you would still have the meal expense to keep you going so the expense of the meal would be a personal expense and would not be deductible on your 1040 federal income tax return.
This would just be your normal ever day living expense.
IF you are a self employed taxpayer independent taxpayer and if you will be receiving a 1099-MISC form after the end of the tax year you will have to use the below enclosed information.
All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
The independent contractor self employment income will be reported on the schedule C of the 1040 tax form and you will be responsible for the 15.3% of the social security and medicare tax on your net profit from the business operation you also may need to make some quarterly estimated tax payments for the tax year
You would have to be sure that you handle your business deductions correctly for your business operation.
For instructions and forms go to the IRS.gov website and use the search box for publication 334 a very good place to start with examples.
Use the search box at the IRS.gov website for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
2 of the seven tax tips for starting a business enclosed below.
#4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material
*Starting A Business
*Operating A Business
*Closing A Business
*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)
http://www.irs.gov/
http://access.wa.gov/business/taxes.aspx
Hope that you find the above enclosed information useful good luck.
If you get a 1099misc at the end of the year then file a schedule c and from there you can take off mileage to the restaurant, writing supplies, and half of the cost of the meals.Are my Restaurant Visits Tax Deductable?
Student newspapers don't pay anything, so this is a hobby endeavor. Your expenses are limited to your income. $0.
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