how to file taxes as online contracter so that you can use laptop/computer purch

1. 84

   Whitney05posted 13 years ago

   how to file taxes as online contracter so that you can use laptop/computer purchases as write-offs

   replyreport
2. 61

   Lisa HWposted 13 years ago

   Assuming you've made above the Federal and State amount for filing a self-employment form (Form C), you would fill out the Form C (self-employment reporting), which asks about expenses related to your business.
   
   You can file as a "sole proprietor" of your business.  The form does ask for a simple explanation of the nature of the business.
   
   For an expense as substantial as a computer, you should keep purchase receipts, credit card statements, etc. in case you are asked to include/provide them.

   replyreport
3. 60

   JessicaR1211posted 13 years ago

   If you file online, like HR-Block, they will walk you right through the steps!

   replyreport
4. 77

   Quilligrapherposted 13 years ago

   Use a local or online tax preparation service.  I think that purchased capital assets with an expected life greater than one year, like a computer, may need to be depreciated over a period time.  The IRS has a schedule that lists assets and acceptable write-off periods.  Also, you may have to report the percentage of personal vs. business use for all assets and expensed items that obviously can be used for non-business purposes.     
   Q.

   replyreport
5. 71

   KeithTaxposted 13 years ago

   A computer must be depreciated over 5 years using Form 4562. You also might be able to expense the entire cost under section 179. I assume the computer is used for business only.
   
   The deduction from Form 4562 follows to Schedule C, if a sole proprietor.
   
   If you use an online tax preparation service, I recommend 1040.com. Their link is below.
   
   https://fileonline.1040.com/default.aspx?did=197

   replyreport