Are we still able to deduct payroll wages in the 2020 Tax Return for Self employed businesses? I am able to deduct payroll taxes but not wages.
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Gross wages are an allowed deduction on a self-employed business schedule C.
In TurboTax, you have to update your Business Income and Expenses, then Edit your business, then update your Business Profile where you will see an option Has Employees. Once you have "yes" next to Has Employees, you will see an option for Employee Expenses and then Wages in the list of business expenses.
I can not find an option for wages payed in my Turbotax Home and business.
Have the business tax laws changed, not allowing for gross wages to be deducted from my business tax?
I am having the same problem.
Yes, wages are a deductible business expense. Be sure you indicated that you have employees at the start of the Business Info section. This question usually appears on a page called "Tell Us About Your Business." If you fail to check the box for "I have employees in my business," TurboTax will not provide that expense category under Business Expenses.
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