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Semi self-employment expenses

Forum|Forum|4 years ago
October 27, 2021
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Hi there.

I'm a state-employed court reporter who has to purchase their own equipment. My transcript income falls under self-employment tax provisions.

My question is if I purchased a new laptop this year where exactly do I notate that so I get the biggest refund possible.

Best answer by

Any self employment income gets reported on Schedule C. You can take any expenses that are ordinary and necessary in the course of your business on Schedule C. Therefore, the laptop purchase can be taken as a deduction on Schedule C against your self employment income. You can either write off the laptop in the current year to maximize tax savings for just this year or you can depreciate it over 5 years and take smaller tax savings for 5 years.

Am I considered self-employed?

What self-employed expenses can I deduct?

Where do I enter Schedule C?

A

Anonymous

Answer

Any self employment income gets reported on Schedule C. You can take any expenses that are ordinary and necessary in the course of your business on Schedule C. Therefore, the laptop purchase can be taken as a deduction on Schedule C against your self employment income. You can either write off the laptop in the current year to maximize tax savings for just this year or you can depreciate it over 5 years and take smaller tax savings for 5 years.