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.