Carl
Level 15

Business & farm

Commuting expenses between your residence and your primary place of employment are never deductible.

 

Is my lunch a deduction..

No.

I get family healthcare under cobra , i have a family plan, which is 36k per year, can i deduct the whole 36k or only the amount that would have covered me, or myself and wife..

If it's a "business owned plan", then it's a business deduction on the SCH C. There are all kinds of complex rules that govern this to determine if it is "in fact" a bonafide business deduction. In your case I do *not* see it as a business deductible expense of any type on the SCH C.  That's because "you" personally purchased the plan. So it's a SCH A deduction. If the business purchased the plan and met all the requirements for a healthcare plan purchased by a business, then it would be a SCH C business deduction.

Any other deductions which might be relevant, do not use home, but buy newspapers for reading for job.. dry cleaning ?

Newspapers and dry cleaning doesn't cut the mustard as a business deduction for the business owner of a sole proprietorship, single member LLC, or any other type of disregarded entity. Howver, if you have a home office and meet the qualifications (which are hard to meet for many) then you "may" be able to claim a small percentage of your utilities as a SCH C business expenses, as well as the same small percentage of any mortgage interest and property taxes you pay, as a SCH C business expense. There's also the depreciation you're required to take also, and that can help. There's two possible ways to take the depreciation now, but I won't get into that at this time as it's apparent you've got lots to learn still and I don't wont to contribute to "information overland" any more than necessary at this time.

I also recommend that for your first year of reporting business income/expenses that you use the CD/Desktop version of TurboTax. It's much more use friendly, easier and simpler to navigate and "SIGNIFICANTLY" eaiser to deal with in your learning process when it comes to business taxes and stuff.

Your best bet is to go ahead and purchase the CD/Desktop version of TurboTax 2019 and after you install it on your computer do an initial "run through" of the program for at least the SCH C. If you'll do that *NOW* you'll learn quite a lot *NOW* instead of learning it after the fact when it's to late. It will also generate questions from you that I *KNOW* you will need answers to.

So go ahead and get the CD version of TurboTax 2019 now at https://turbotax.intuit.com/personal-taxes/cd-download/   While all versions of the desktop program have the SCH C in them, I recommend you go ahead and get the Home & Business version at least for this first year. It offers more in program help for the SCH C than the lower versions do. Then install it and "pretend" the 2019 tax year is over and start doing your tax return. I have no doubt questions will arise, and myself and others are here to answer them for you.