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Financial Planning / Tax Strategies
|Subject: Re: 1099-misc||Date: 2/2/2012 1:09 PM|
|Author: irasmilo||Number: 114873 of 121773|
I went to turbo tax and it recommends the home and business version
However, the part that is confusing me is that it suggests receiving a 1099-misc means you received this:
Business or freelance income
Worked as a consultant, contractor,
or owned a business
Is this correct do i check that i had received this type of income although the money i received was reimbursment for travel expenses?
then goes on to ask about my personal company details etc...
Yes, it's correct. You are considered to have received the money as freelance or consultant income. You then spent the income on your expenses for the speaking engagement. Your net income from the activity is $0. Use your own name and address for the company details.
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