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sudami
New Member

I am a small business owner who always files a schedule C. Can I take the general personal deduction as well as an itemized business deduction on my taxes? sdm

 
2 Replies
Rachel_W
Level 4

I am a small business owner who always files a schedule C. Can I take the general personal deduction as well as an itemized business deduction on my taxes? sdm

The business deductions you take on your Schedule C are completely unrelated to your personal deduction (aka Standard Deduction).

In addition to deducting your business expenses on Schedule C, you also choose between taking the Standard Deduction or Itemizing your Deductions on Schedule A.  

Beginning on your 2018 Tax Return, the Standard Deduction has been increased to the following amounts based on your filing status:

  • Single/Married File Separate- $12,000
  • Head of Household- $18,000
  • Married Filing Joint- $24,000

Because of these increased Standard Deduction amounts, many taxpayers who are used to Itemizing their Deductions on Schedule A will no longer need to do so because the Standard Deduction is higher than their Itemized Deductions.

Carl
Level 15

I am a small business owner who always files a schedule C. Can I take the general personal deduction as well as an itemized business deduction on my taxes? sdm

Business expenses claimed on SCH C have nothing to do with and no relationship to the deductions and credits you claim elsewhere, such as itemized deductions on SCH A. You can not claim business deductions on SCH A, and you can not claim non-business personal deductions on SCH C.

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