I started a private practice in 2023 in which I am the only employee. I am seeking some advice as I compile information for Schedule C (i.e. Form 1040) for my 2023 federal tax return. Any and all assistance is greatly appreciated!
1. Schedule C, Part II, Line 30 indicates home business expenses can calculated using a simplified method or detailed using Form 8829. Given this is my first year of business, do I have to use a specific method for expenses? Also, must I choose the same expense method in future years or can the method vary year-to-year? Finally, does claiming the standard deduction on my personal taxes impact which home business expense method I must use?
2. Can I deduct TurboTax fees from Schedule C?
3. Can I deduct my LLC formation fees and state license fees (incurred December 2022) and my LLC renewal fees and state license fees (incurred December 2023) from Schedule C?
4. Can I deduct contributions I made throughout the year to my state's Family and Medical Leave program from Schedule C?
