I'm pretty dumb when it comes to taxes. My husband did our taxes at my brother-in-laws house and e-filed. After it was all said and done, I realized that I sold Avon last year (not a lot) but in doing that you can write off all sorts of stuff. Since we already filed, and got our refund already, is there anything I can do to add these deductions to our taxes? I figure someone out there has tax smarts and could tell me what I can or can't do?
Thanks!
Keep in mind that income from schedule C has not been taxed so your tax liability will increase.
I just went through this with a woman I babysat for deducting what she paid me AFTER I filed. I called the IRS, they said wait until the first return processes, then file a 1040X which is a ammended tax return. There is something called a Schedule C for small businesses too where you have to add the income you made, then any deductions you made. Avon may report it so you don't want to get audited. There is also a SEZ form for small business too that you need to add to your 1040X form. Call the IRS as they were super helpful to me on what steps to take. If you are due more back they will send you a check.
I have had my own business since 1990, I used a tax program and I did my own taxes for several years until one year I decided to use an accountant. I found that after using her, she saved me so much money that first year it was worth paying her to do my taxes. I have used an accountant ever since.
If you sold more than $2000 then you need to file an amended return. If not don't worry, it doesn't count until you reach the $2000 mark. I am not a tax person but heard that along the way. So, I might not be right.
You'll have to file a 1040X to amend the return.
