Solved: My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.
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nandkcrawford
New Member

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

 
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VolvoGirl
Level 15

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

Don't confuse itemized deductions on schedule A with your business expenses/deductions on schedule C. They are separate. For Schedule A personal deductions, you get to take your itemized deductions or the standard deduction, whichever is larger.

There is no min amount or standard amount for schedule C business expenses.  You get to take both your Standard Deduction or itemized deductions on Schedule A AND all your business expenses.

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VolvoGirl
Level 15

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

Don't confuse itemized deductions on schedule A with your business expenses/deductions on schedule C. They are separate. For Schedule A personal deductions, you get to take your itemized deductions or the standard deduction, whichever is larger.

There is no min amount or standard amount for schedule C business expenses.  You get to take both your Standard Deduction or itemized deductions on Schedule A AND all your business expenses.

View solution in original post

nandkcrawford
New Member

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

Thank you, that clarifies this for me.  The standard deduction on the schedule A is larger, do I still need to provide all the documentation as if I was itemizing?
WillK
Level 9

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

For his business, you should claim all the income and expenses of the business. His business expense and income are considered separate from your itemized deductions you can claim on your return. Turbo Tax will walk you through how to report his income and expenses along with your other tax items as well. 

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nandkcrawford
New Member

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

Yes you helped me!  Can I take the standard deduction for his vehicle?  His record keeping was not the best.
WillK
Level 9

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

Yes you can. If he did not keep the best records you can do that.
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nandkcrawford
New Member

My husband as a small business. Do we do not have enough expenses to itemized because they have changed the minimum amount. Do we need to itemize his expenses.

How do I put that it?  Because TT is telling me that I need to provide a listing of all expenses?
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