topic Need help on type of turbo tax to use. in After you file

Need help on type of turbo tax to use.

jengirl444 — Sat, 01 Jun 2019 18:04:50 GMT

I asked previously about if I should use Turbo Tax self-employed. I have a small business that Ihad no income last year, but expenses to start the business. It is a sole proprietor business structure.

Since the standard deduction is now at 18,000, does that mean that my net loss on my business won't help reduce my taxable income

I believe I have about $5000 of itemized deductions, including personal ones and the business expenses/ losses.

How should I handle filing the tax return this year?

You can claim business expenses on a Sch C business witho...

MichaelL1 — Sat, 01 Jun 2019 18:04:52 GMT

You can claim business expenses on a Sch C business without itemizing on the tax return.

These are two separate areas.

To claim business expenses you would need to use the TurboTax online Self-Employed to do this.

You may deduct up to $5,000 in start-up costs in your first year in business. This deduction is restricted if you have over $50,000 in start-up costs. If you have additional start-up costs over the $5,000, you can amortize these costs over 15 years. If you are not going to be profitable in your first year, you may want to consider another option to minimize your taxes in years where you make more profit.

Instead of deducting $5,000 in your first year, you may amortize all start-up costs over 15 years, taking the same deduction each year. For example, if your start-up costs are $45,000, you could deduct $3,000 a year for 15 years.

thanks for the answer, I have w-2 income and government u...

jengirl444 — Sat, 01 Jun 2019 18:04:54 GMT

thanks for the answer, I have w-2 income and government unemployment benefits this year. Can all of this be handled on Turbo tax self employed where I am a sole proprietor?

Yes, it can all be done in the self-employment on line pr...

MichaelL1 — Sat, 01 Jun 2019 18:04:56 GMT

Yes, it can all be done in the self-employment on line program

perfect! thanks!

jengirl444 — Sat, 01 Jun 2019 18:04:57 GMT

perfect! thanks!