Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Showing results for 
Search instead for 
Did you mean: 
New Member

Do you have to Deduct expenses from a business?

2 Replies
Level 15

Do you have to Deduct expenses from a business?

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.


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

**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.**
Expert Alumni

Do you have to Deduct expenses from a business?

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"
Dynamic AdsDynamic Ads
Privacy Settings