AnnetteB6
Expert Alumni

Deductions & credits

There is not a standard deduction with respect to business expenses reported on Schedule C.  You either have business expenses to claim or you don't.  There is not a minimum amount that you have to reach before you can claim them, you just report any business expenses that you incurred and they are deducted against your Schedule C self-employment income. 

 

The standard deduction or itemized deduction is not specifically related to your business expenses.  That is a deduction against all of the income reported on your return.  The standard deduction is based on your filing status.  Itemized deductions include mortgage interest, medical expenses, state and local taxes, charitable contributions, etc.  Once your itemized deductions are greater than your standard deduction, then you can use itemized deductions to further reduce your taxable income.

 

@jlpell88

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