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1099 Tax Question

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In may of 1999, I helped a small business purchase several computers. Ind doing so, they wrote a check out to me so that I could purchase the equipment for them. Now, I have received a 1099 from them showing that money, as well as what they paid me as income. Can I use the receipts for the hardware purchased to reduce the amount shown on the 1099 so that I can avoid paying taxes on it? Please Help!!!!!


Senior Member
Sure -- on Schedule C you'd show the income and all the expenses. Ask an accountant to be sure.

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I'm an accountant for our company..But here's what you do. You deduct it from your taxes and so you get taxed on the profit made of whats left from your income. You get automatically approx $18,000 written off completely. I'm not a CPA just do accounting for our company and know all this from my tax preparer who is a CPA.


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