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Deductions & credits
I appreciate it Mindy. I thought that the entire cost of the items would be deducted by going the lower cost expense route, so I was kind of surprised when they only knocked about $100 off of my taxes. Seems like about 10% of the cost of the expensed items. I have two more questions, and then I think I'm ready to file.
1) Do I have to itemize my deductions related to personal transfers and refunds? It seemed like I'm just supposed to input the sum total of these transactions and deduct it from the amount in Box 1a, and enter the corrected amount in the box below. But it feels strange to not have to justify it anywhere.
2) Am I meant to make quarterly payments because I get a 1099-K? I figured that the TurboTax app would have alerted me if I was negligent in following the guidelines.
Appreciate y'all!