I earn half my income on W-2 and half as an independent contractor. I file schedule C and SE. I am an LLC. Do I qualify for the Ohio Business Income deduction?
Turbo Tax took me right to the deduction as if I naturally qualified when I started my state return.
03665
1 Best answer
Hal_Al
Level 15
Jun 4, 2019 7:33:34 PM
Yes. The LLC is a pass thru entity. The fact that the money ended up on schedule C is the reason TT takes you there.
3 Replies
Hal_Al
Level 15
Jun 4, 2019 7:33:34 PM
Yes. The LLC is a pass thru entity. The fact that the money ended up on schedule C is the reason TT takes you there.
goldiegirl
Level 2
Jun 4, 2019 7:33:35 PM
It gives me a large ohio refund. Never got one before ever. I'm worried it's a huge red flag. Is this something new this year?
Hal_Al
Level 15
Jun 4, 2019 7:33:36 PM
Yes. Although the business deduction has been around 4 years, it went up to 100% for 2016 (from 50% in 2015). That is, none of your small business income is now taxed.