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Can I take the standard deduction on top of reimbursements?
The business that paid me included $9,495 of reimbursements in my total income (Box 7 on my 1099-MISC). Obviously, I bought these things for the business, provided receipts, and they paid me back.
I have a full record of everything the business reimbursed me. How, if possible, do I show that $9,495 of my income wasn't actually income, then take the standard deduction on top of that?
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Deductions & credits
Yes, you can deduct your business expenses on Schedule C and still take the standard deduction. The total income in Box 7 will be reported as self-employment income and you can deduct the related expenses for your business. The difference between your income and expense is your net self-employment income. Your standard deduction (or itemized deductions) is subtracted after determining your business income on Schedule C.
To enter your business expenses:
- Type Schedule C in the Search box.
- Select the Jump to link.
- If this is your first time working in this section: You’ll be asked some questions about your self-employment work and income and then have a chance to enter your expenses.
- If you have already entered some information about your self-employment work:
- Select Edit next to your business and confirm your general business info if asked.
- Select Add expenses for this work.
- Select an expense type that you had.
- Enter your expense description and amount. (We may ask you some additional questions for certain types of expenses.)
- If you had more than one expense for a type, select Add another group to include them all.
- If you have additional expenses of other types, repeat steps 3 through 5 above to add more.
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