Do you have to Deduct expenses from a business?

corald2008 · ‎January 23, 2020

xmasbaby0 · ‎January 23, 2020

Yes you do. Do not be tempted to skip that because you think your earned income credit will be better if you do not prepare your schedule C.

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

You are posting from TurboTax Live. You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 9 p.m. Pacific time

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

MinhT1 · ‎January 23, 2020

Yes, you have to deduct ALL ordinary and necessary expenses from your business. You are not allowed to leave out some business expenses in order, for example, increase your income or your earned income credit.

Please read this IRS document for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do you have to Deduct expenses from a business?