noUaGUl le leglllar Schedule C of Form 1040? Research Problem 5 Prepare a blog p

Question

noUaGUl le leglllar Schedule C of Form 1040? Research Problem 5 Prepare a blog post for the Online Tulor Match Company" to Co explain to its freelancers the tax implications of their work. Topics should include (1) what records to keep (both for income and expenses), (2) unique situations fac ing freelancers (e.g., home office deductions; self-cmployment status), and (3) what tax forms must be filed and (Ibricfly) how to prepare those forms le g, Schedulc C (Form 1040)]. Research Problem 6 Download IRS Form 1099-K and its instructions from the IRS Con website. What is the purpose of the form and when is it used? Go to the Square, Inc website (www.squareup.com) and search for information about tdhis form Sumuma rize what you discover in an e-mail to your instructor

Explanation / Answer

Research problem 5: Freelancers working for the “Online Tut-or Match Company” are required to have a Schedule C. This schedule will break down a freelancer’s business earnings, expenses as well as deductions. A freelancer will have to include Schedule C while filing a regular form 1040 for his/her taxes. A freelancer who is expected to owe an amount that is more than $1,000 in taxes for a particular year will have to also set up estimated quarterly payments. If this is not done then the freelancer will have to pay penalties.

A freelancer is expected to report all of his/her income. Thus it is the duty of the freelancer to keep good and accurate records of his/her earnings as well as his/her expenses. An accurate record of expenses will help the freelancer to write off and deduct expenses that relate to his/her task of working as a freelancer with Online Tut-or March Company. The examples of expenses are subscription fees for academic journals, training expenses, expenses towards internet and communication etc.

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