Anonymous
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Get your taxes done using TurboTax

Hello jrdhines,

Thank you for participating in our Ask the Expert event today. Great questions and it all comes down to an understanding of how your income and expenses flow through your tax return.

 

Because you are self-employed, you need to think of your business activity operating within its own little bubble where only the net income  (or loss) flows to your income tax calculation for which itemized or the standard deduction would apply. So, all the expenses you incurred and referenced below serve to reduce your income and don't come into play for your deduction amount (if it did, you would be double-counting it).

 

Then, in order to determine whether or not itemizing or taking the standard deduction is best, it all depends on what you have available to deduct. This article will better help you understand how TurboTax makes that determiniation.

 

So, in summary, if you entered all the information you had into TurboTax, I'm confident it is making the best choice for you.