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 LLC Tax Return in the State of KY TurboTax Support Intuit 2023-2024

725 2023-2024 Form

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all right on to the next section here the self-employment uh income and expenses okay uh I guess I just want to kind of go over some things before we get going on Turbo Tax uh self-employment income that's like if you got like a 1099 NEC and on um employee compensation or 1099k for like third-party payments uh that came through if you got either of these that well not always on the 1099k but definitely on the 1099 NEC the IRS views you as a business okay um you might think well no I'm not a business yes you are in the iris's eyes Okay and as a business we want to write off business expenses so the IRS says we can write off anything that is ordinary and necessary for you to generate income now the reason they they make it vague like this is because there's obviously a whole bunch of different types of businesses out there me as an accountant I can only write off certain things than let's say a video game streamer can write off right they can they stream on Twitch they make a whole bunch

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