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New Member
posted Jan 23, 2020 1:51:54 PM

Do you have to Deduct expenses from a business?

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2 Replies
Level 15
Jan 23, 2020 2:11:07 PM

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

 

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

Expert Alumni
Jan 23, 2020 2:11:32 PM

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.