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Get your taxes done using TurboTax
Also, putting it as a business expense on schedule C has this odd effect that it is no longer counted as profit, so my taxes go down. I mean, I don't mind, but can that be right?
Also, it affects the amount that the employer can contribute (since it's 25% of adjusted earned income), so if I can contribute X and put it in this line, it affects adjusted earned income, so I can no longer contribute X (it's too high), so I have to adjust it somehow. That also feels weird. Can that be right?
‎February 23, 2023
10:31 AM