I've always depended on the itemized deduction as related to the small business so never thought I could take the standard deduction on the personal side of the return. Can I have both Standard deduction for the personal side and itemized for the small business part of the return?
Yes. They are totally separate things. Are you filing schedule C for your LLC? Are you a sole proprietor? If you are a S corp you need to file a separate 1120S business return. Or a 1065 Partnership return. How is your LLC set up?
Personal Standard Deduction or Itemized Deductions on schedule A have nothing to do with self employment on schedule C.
Yes this is a LLC Photography business and profit/loss shown on a schedule C. Does this mean I take the Standard deduction on Schedule A and then itemized the business profit/loss itemized on the Schedule C? Seems like TurboTax would recognize this and separate the two in the Q/A process.
Exactly, except you do not get a schedule A if you take the Standard Deduction. Schedule A is if you enter your personal itemized deductions, like Mortgage, Medical, State income tax, Charity, etc.
Schedule A is under Personal - Deductions and Credits
Schedule C is under Business
I've spent all morning trying to figure out the 2016 Tax return and I found the Schedule C with a net profit of 175. and the Form 1040 is showing a 1040 Line 40 amt greater than 12,600 which is what the std deduct should be for my wife and i filling joint return. TurboTax is easy to use but figuring out how it computes this is mind boggling. I found page after page of worksheets for Schedule A with Mortgage, Charity, etc. but no Schedule A.
How old are both of you? If you are 65 or older you get an extra Standard Deduction. What is on line 40?
The Standard Deduction for Joint is 12,00 + 1,250 for each spouse 65+. So line 40 could be
12,600 or 13,850 or 15,100
13,850 so that's it so i am taking itemized deductions and the LLC Schedule C had a net gain of 175. Thank you!! for helping me figure this out!! So really these days my mortgage interest and charitable contributions really doesn't even count i guess.