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Schedule C Expenses
How specific should I be when listing "office supplies"?
Is a mortgage payment or ONLY the interest and insurance an expense?
Is a mortgage payment or ONLY the interest and insurance an expense?
You do need to give details of office supplies (item by item or receipt by receipt). You just enter the amount you paid for office supplies for your business in 2016. Just keep the receipts in your tax records.
As for your mortgage payment for your business, you can only deduct interest and mortgage insurance. These amounts are given in the form 1098 that you should receive from your mortgage company. The repayment of loan principal included in your mortgage payments is not deductible.
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