Well for each expense amount you enter you will save about 14% of self employment tax. And reduce your taxable income and regular income tax by your tax rate.
You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).
