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Circumstances permitting, can a self-employed take the itemized deduction on Schedule A and business expenses on Schedule C?
Hello members.
So, I have a quick question as in the subject. I see no reason why a self-employed can not take both itemized deduction (e.g. much personal deduction that exceeds standard deduction amount) and business expenses on Schedule C. But, my web-search only talks about a self-employed being able to take both standard deduction and business expenses, while none of them speaks of his or her being able to take the itemized deduction. Though they never say a self-employed can not take itemized deduction, but I just want to make sure that the self-employed can take itemized if circumstances allow. Or, standard deduction is indeed the only option for me? Thanks!
‎April 8, 2023
5:19 PM