I need help in determining what expenses I can write off on my business taxes
You'll need to sign in or create an account to connect with an expert.
Basically, if you will work through the TurboTax Business program the way it's designed and intended to be used, it will ask you for many different types of expenses. Many of those expense types listed have a "learn more" link next to them which if selected, with give you more information.
Exactly how things are presented depends on what type of business you have. Could be a 1065 Partnership/Multi-member LLC, an 1120-S S-Corp, or an 1120 C-Corp. You didn't state what type, and I'm not gonna try to guess either, since chances are my guess would be wrong.
Also, since you're using the CD version of TurboTax Business, you can always do several run throughs with the program. TO start over all you have to do is delete the .tax2020 file from the documents/turbotax directory. Just make sure you delete the one for the business return, and not the one for your personal return.
On a final note, be aware that your business tax return was due March 15th. The late filing penalty is $200 per month, per business owner/shareholder. So at this point you're looking at a minimum $400 per owner/shareholder for your late filing. While the filing deadline for personal 1040 tax returns was extended, they were not extended for business tax returns.
A general outline of deductible (and nondeductible) business expenses is provided by the IRS in Publication 535 (link below).
https://www.irs.gov/publications/p535
Frankly, if you have no idea as to what would be considered a deductible business expense, you might want to consider having your return professionally prepared.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Raph
Community Manager
LaughTrack
Level 4
Don Riley
Level 1
DBinSC
New Member
yaredcastro
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.