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Get your taxes done using TurboTax
The standard deduction for your filing status has nothing to do with the expenses you incur for your business.
Your business expenses from self-employment are entered on Schedule C along with the income you received from the business.
The net gain or net loss for your business is reported on Schedule C and on Schedule 1 Line 3 of your personal tax return. The totals from Part 1 of Schedule 1 flow to your personal tax return Form 1040 Line 8.
‎October 31, 2021
8:06 AM
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