The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Sch C or "other income"? Date:  8/11/2003  8:29 PM
Author:  Crosenfield Number:  66451 of 133140

It could be "other income" if you have a regular job, and consider what you get as incidental income.
If you consider yourself an "information provider" or something of that sort, you could use Schedule C instead. I note companies who want you to pay to get on their list of people to be surveyed, so if you go with those folks that would be expense you would deduct from the honoraria you get for taking surveys. If you are buying your computer on time or paying for your ISP, filling out schedule C would let you take some deductions. The advantages of considering yourself in the business of providing information would be ability to deduct some expenses and also allowing the income to be "earned" so you would pay Social Security and could make an IRA contribution assuming you are under age 70 1/2.
Best wishes, Chris
Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us