125356
My only income is from a personal business which I report on schedule C. Can I file using the standard deduction for other non business activity or do I have to itemize deductions for other personal non business related expenses.
You'll need to sign in or create an account to connect with an expert.
You can do either.
Your Schedule C income goes on the first page of your 1040. It's combined with all income, even from your non-business activities.
Your standard deduction is what the government gives you for your filing status. Your itemized deductions are what you pay in medical bills, home mortgage interest, taxes, etc. You take the HIGHER of the two numbers and subtract that from your adjusted gross income (AGI) to arrive at your taxable income.
The bottom line? You can take either type of deduction, whichever is higher.
You can do either.
Your Schedule C income goes on the first page of your 1040. It's combined with all income, even from your non-business activities.
Your standard deduction is what the government gives you for your filing status. Your itemized deductions are what you pay in medical bills, home mortgage interest, taxes, etc. You take the HIGHER of the two numbers and subtract that from your adjusted gross income (AGI) to arrive at your taxable income.
The bottom line? You can take either type of deduction, whichever is higher.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ir63
Level 2
Donald-Palmadessa11
New Member
TEAMBERA
New Member
roses0305
New Member
ericbeauchesne
New Member
in Education