Confused About Consulting on Turbo Tax - Can Anyone Help?

[DebbieSM]

This may be a stupid question, but on Turbo Tax do we put ourselves down as a consultant. When my husband was doing our taxes, he did not put me down as a consultant and he said there was no place for prize write offs (door prizes, consultant gifts, etc.). I'm really confused can anyone help.

Thank in advance,
Debbie

 

[jenniferlynne]

Do you know which version he used? I think last year I used Premier (the most expensive one) because it was the only one that was set up for an in home business. I wasn't selling PC last year, but was babysitting.

 

[Admin Greg]

It depends on the nature of your consulting work and whether or not you are operating as a business. If you are self-employed and providing consulting services as a business, then you would report your income and expenses on Schedule C as a sole proprietor. If you are an employee and receiving consulting income in addition to your regular salary, then you may need to report it as additional income on your tax return. As for the door prizes and gifts, those would typically be reported as miscellaneous income on Schedule C or as other income on your tax return. It may be helpful to consult with a tax professional for specific guidance on how to report your consulting income and related expenses.