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Turbo tax opens both the T777 and the T2125 forms. Do I complete the same information in both?
Wife is a Scentsy Independent Consultant, and we are trying to put her self employed expenses in the correct place.
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Troubleshooting
For her Scentsy business, she will use the T2125 form.
The only time you fill out the T777 form is if she was employed by a company and they provided her with a T2200 form, which would then be translated on the T777 form.
Otherwise as a self employed individual, she is simply to complete a T2125.
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Troubleshooting
Thanks for clearing that up. I had a question closely related: As a self employed actor/performer, filling out the T2125 I am question deductions - I am claiming agents fees, I am wondering if I can claim the "non-union work permit" which is significant? And then if I did claim this, would the amount of deductions be too much? ... as I read elsewhere that the amount may have to be less than 20% (as below):
If you meet the requirements for employed artists, you’re able to deduct the lesser of these three amounts:
- The expenses you actually paid for the year in 2018
- $1,000
- 20% of your employment income from artistic activities