Search results
Results from the Tech24 Deals Content Network
March 16, 2023 10:47 PM. It's not a bug. The IRS changed the list of principal business codes for 2022 tax returns. Codes 454110 and 999999 have been eliminated. TurboTax is using the IRS list for 2022. The updated IRS chart says that an online seller should use the code for retailers of the primary type of product that you sell.
The correct code to use is one of two choices depending on what you actually do on any internet social media platform. These codes do not specifically state 'except internet'. This information is specifically for 2021 tax returns because the IRS does add or change the business codes from one year to another.
The code on Schedule C is supposed to come from the list in the Schedule C instructions, not from other lists of business classification codes. The IRS instructions for Schedule C say "Enter on line B the six-digit code from the Principal Business or Professional Activity Codes chart at the end of these instructions."
The principal business code is a six digit number that represents the field of work you are in. This code is entered on your Schedule C. This code is entered on your Schedule C. The complete list of codes can be found on pages 17-18 of the link below.
Yes, (Former NAICS code 454390 “Other Direct Selling Establishments” has been retired and you will need to choose a code that reflects the type of business you have. Click here for a link to the US Bureau of Labor Statistics for a code to replace 454390. April 14, 2023 1:03 PM. Yes, I saw the list, none of those match.
I'd like to change it to 454110 (Electronic shopping and mail-order houses) but the current view on my screen somehow shows 454111 which is non-existent on IRS's Principal Business or Professional Activity Codes. There is no edit button and I don't know how to correct it. Thanks.
That said, there really isn't a specific 6-digit code for "Teaching" as a self-employment or business occupation. However, the best reasonable "fit" for this activity is to categorize the teaching function as part of the broader field of education. If you can agree with that, then Code 611000 (Educational Services) will do just fine. (Please ...
You could use Principle Business Code 454110. That would be appropriate. Use the following link below, to find the Principle Business Code that most closely represents your primary line of product sole. Click here for a list of Principle Business Codes, found under Line B, page C-3. March 4, 2023 12:26 PM.
Here is the link for the Schedule C instructions. The principal business codes are listed on pages C17-C18. ...
Expert does your taxes. An expert does your return, start to finish