If my estimated itemized deductions for 2018 are close to the standard deduction and I'd like to simplify, can I take the standard deduction and still file Schedule C for my small business?
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Yes.
Most people these days will take the standard deduction since the amount of the standard deduction has been raised and many itemized deductions have been eliminated or severely restricted as to amount allowed.
The deductions to take on Schedule C are completely independent of amounts that might be claimed as itemized deductions. If the expenditures are ordinary and necessary to your business activity and properly supported as to amount, those continue to be listed on Schedule C.
Tom Young
Yes.
Most people these days will take the standard deduction since the amount of the standard deduction has been raised and many itemized deductions have been eliminated or severely restricted as to amount allowed.
The deductions to take on Schedule C are completely independent of amounts that might be claimed as itemized deductions. If the expenditures are ordinary and necessary to your business activity and properly supported as to amount, those continue to be listed on Schedule C.
Tom Young
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