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Deductions & credits
Here's how you can deduct the specified expenses in TurboTax Home and Business for your sole-member LLC ecommerce business:
Getting Started
- Log in to TurboTax Home & Business.
- Open or continue your return.
- Indicate you are self-employed: This will ensure TurboTax automatically creates Schedule C for you. If you missed this step, you can add it by going to the income section and adding "Self-employment income".
Navigating to Schedule C
- TurboTax Online/Mobile: Go to Schedule C.
- TurboTax Desktop: Search for Schedule C and select the "Jump to" link.
- Answer Yes to "Did you have any self-employment income or expenses?" and follow the prompts until you reach the "Select any expense categories you have" screen.
- Select your expenses, then click Continue.
- If you've already worked in this section, select Edit or Review next to your business.
- Then select Start or Edit next to an expense type that you had.
- Enter your expense description and amount, and follow the onscreen instructions.
- Select the categories you need to enter your expenses including the following:
- Transaction Fees (Stripe, Amazon Pay, etc.): Deduct these as Other Miscellaneous Expenses.
- Free Shipping Costs: Deduct these under Other Miscellaneous Expenses.
- Sales Tax Collected: Report this under Taxes and Licenses.
‎April 13, 2025
7:01 PM
434 Views