Do you have to Deduct expenses from a business?

corald2008 · ‎January 23, 2020

xmasbaby0 · ‎January 23, 2020

Yes you do. Do not be tempted to skip that because you think your earned income credit will be better if you do not prepare your schedule C.

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

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MinhT1 · ‎January 23, 2020

Yes, you have to deduct ALL ordinary and necessary expenses from your business. You are not allowed to leave out some business expenses in order, for example, increase your income or your earned income credit.

Please read this IRS document for more information.

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Do you have to Deduct expenses from a business?