Originally Posted by
Hockeyjr1
I know this is early in the year to ask about taxes but figured I’d like to get a scope of what people have done in the past. With the new tax code coming out I’m assuming most of us will claim the standard deduction to simplify stuff and save the audit headache.
What I’m not sure how to deal with is the ATP-CTP being reported as 1099-MISC. How does one go about listing this on taxes in a way to minimize the burden put on our refunds next year? If reported as “business” income then written off as no profit after paying the for the course how do we prove that? Since we didn’t pay for it directly not sure how this would end up down the road in a audit. Also are we responsible for the 1/3 of SS and Medicaid that would have been paid out if we were W-2?
Any other tax questions are welcome, doesn’t just need to be abou the CTP course.
I highly recommend you constult a CPA tax professional for these types of questions. I have an MBA in finance and have been a CFO of a company. We use a CPA to help with our personal taxes as you have to consider everything and very few people have identical tax requirements. So what could be great advice for someone else might be terrible advice for you.