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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.


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**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.

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