How do I enter business expenses on Schedule C? This includes the home office deduction. There's no option to enter business expenses unless I upgrade to Self-Employed.

[VolvoGirl]

That's right.  You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version or use any of the Desktop CD/Download programs. All the Desktop programs have the same forms.  You just get more help and guidance in the higher versions.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

[djnnoor]

How do I know whether my business expenses will save me enough in taxes to justify the cost of the Self-Employed version if I can't enter them unless I upgrade?

[djnnoor]

@VolvoGirl How do I know whether my business expenses will save me enough in taxes to justify the cost of the Self-Employed version if I can't enter them unless I upgrade?

[AliciaP1]

It's not a matter of justifying the cost of filing accurately, it is an IRS requirement that you not only report all of your income if you are required to file a tax return but if you have more than $400 in self-employment income, you are required to file.  Also, if you do not enter the self-employment income, you are not allowed to take the potential benefit if you experienced a loss for the year in your business.

See Am I considered self-employed? and What self-employed expenses can I deduct? to get the best idea on how to present your situation accurately.  Also, see Do I need to file a federal return this year? to ensure you are required to file.

@djnnoor 

[djnnoor]

@AliciaP1 You misunderstood my question. I know there's an IRS requirement to report all one's income and I've entered all my business/self-employment income in Turbo Tax. But Turbo Tax doesn't let me enter my business/self-employment expenses unless I upgrade to the Turbo Tax Self-Employed version. But it costs $99 to upgrade to the Self-Employed version of Turbo Tax. How do I know whether the money I'll save in taxes by reporting business expenses is worth the extra cost of using the Turbo Tax Self-Employed version? I used to always enter my business expenses in the Turbo Tax Free version with no problems. It's frustrating that Turbo Tax forces me to pay to upgrade in order to enter my business expenses.

[JohnB5677]

If you have $647 of deduction it will pay for the upgrade ($99 / .153 SE tax = $647), and it is the right way to prepare your tax return.

The self-employment tax rate is 15.3%. That rate is the sum of 12.4% for Social Security and 2.9% for Medicare.

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