topic Deductions in Business & farm

Deductions

Lorraine2 — Tue, 18 Feb 2020 13:44:15 GMT

When doing my taxes I noticed that as I enter more deductions the amount of refund is not changing. Can I only enter so many deductions for my small business? I have never had this problem before.

Re: Deductions

AnnetteB6 — Tue, 18 Feb 2020 14:05:46 GMT

No, you should be able to enter any amount of expenses that you had for your business.

You should not rely on the refund meter changing as you are going through your return. Behind the scenes there are calculations and limitations being applied that you may not be aware of. One example is expenses that pertain to an office in your home.

Be sure that you have indicated that you are a material participant in your business or any overall losses that you have will not be claimed.

Re: Deductions

Lorraine2 — Tue, 18 Feb 2020 14:08:23 GMT

The deductions I was entering have to do with the supplies. We are a service based business, however we purchase a lot of supplies.

Re: Deductions

DavidS127 — Tue, 18 Feb 2020 14:45:11 GMT

One possibility is that your refund is for the entire amount you paid in taxes (or the amount of taxes paid you have entered, if you haven't entered estimated tax payments you made). In that circumstance, entering additional expenses will not increase your refund.

You should continue to make all your entries in TurboTax. The refund or tax due amount you see isn't final until all your information is entered and reviewed for errors.