Get NY TC TC208 2017

Schedule C: Commissions and fees. Heads up: If you paid an independent contractor or freelancer $600 or more for commissions on a project and did not withhold any type of taxes, you are required to send that contractor, and the IRS, a 1099-MISC.

Schedule C: Legal and professional services. Legal and professional services include fees paid for short-term professional advice (including lawyers and accountants) regarding specific deals, sales transactions, or yearly taxes. ... Professional association membership fees. Organization dues (including state bar dues)

Professional fees are prices charged by individuals specially trained in specific fields of arts and sciences, such as doctors, architects, lawyers, and accountants. "Professional Fees" is usually an income account used by a professional firm in recording its revenues. Contents: Definition of professional fees.

Legal fees for tax advice are deductible, and any tax qualifies: income, estate, gift, property, excise or sales and use tax. The fees may involve tax planning or controversies, and even fees for purely personal tax advice qualify (as miscellaneous itemized deductions).

Generally, it depends on the nature of the expense. ... For starters, legal expenses incurred for business purposes are generally deductible as ordinary and necessary expenses of the business. Conversely, most legal fees paid for personal reasons are not.

The IRS does not allow you to write off transactions fees, such as brokerage fees and commissions, when you buy or sell stocks. ... Even though you can't deduct your transaction fees, you can reduce your taxable gain, or increase your taxable loss, by properly figuring your cost basis.

This investment-fee tax break is gone. ... The Tax Cuts and Jobs Act eliminated the deduction for investment expenses, starting in 2018. Fees for investment costs were deductible as a miscellaneous itemized deduction, to the extent they and other costs exceeded 2 percent of your adjusted gross income.

Both salary and commissions are taxable income. You report them on your tax return and your taxable income (after deductions and exemptions) are taxed according to your filing status and your tax bracket. So the short answer is that salary and commissions are taxed at the same rate.

Investment management fees are a tax-deductible expense. They can be listed on Schedule A under the section "Job Expenses and Certain Miscellaneous Deductions." ... You only receive a tax deduction for the amount that exceeds 2% of your adjusted gross income (AGI) from line 38 of your Form 1040.

Legal and professional fees that are necessary and directly related to running your business are deductible on Form 1040, Schedule C. These include fees charged by accountants, bookkeepers, and online bookkeeping services such as Bench.

Purpose of Schedule A Schedule A is required in any year you choose to itemize your deductions. The schedule has seven categories of expenses: medical and dental expenses, taxes, interest, gifts to charity, casualty and theft losses, job expenses and certain miscellaneous expenses.

The 50 and 2 Percent Rules. If you're using actual expenses, the IRS only allows you to deduct 50 percent of your meal expenses. ... You take the deduction on Schedule C if you are self-employed or a sole proprietor, or as an itemized deduction on Form 1040 if you are an employee.

Use Schedule C (Form 1040) to report income or (loss) from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.

Use Schedule C (Form 1040) to report income or (loss) from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.

Utilities. Utilities include: gas, water, sewer, electric, and heat. These utilities will go on form 8829 as they are deductions through the business use of the home.