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Business & farm
Business expenses are not reported on Schedule A as an itemized deduction.
They are entered on Schedule C. Business expenses reduce the amount of business income that is reported on your tax return Form 1040 as a net profit. Thereby lowering your taxable income and your tax liability plus reducing the amount of Self-Employment taxes you have to pay on the net profit.
ā€ˇFebruary 16, 2020
7:52 AM