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Business deductions

As a lawyer I incurred filing fees, 3d party research reports and other expenses directly on behalf of clients, all of which were reimbursed by the clients.  These expenses were all included as "nonemployee compensation" on the 1099-Misc forms (box 7) prepared by my clients, which overstated my actual lawyer compensation by about $10,000.  I was under the impression from another accountant that I could claim these client expenses as deductions on my tax return, thereby removing them from the reported  compensation for me.  I was unable to find the specific TurboTax step which seemed to apply to this. . .  under "business income and expenses" or elsewhere.  Please let me know where these expenses/deductions should be reported.  Thank you!  

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4 Replies

Business deductions

Business income and expenses >Business Expenses >Other common expenses >Other Miscellaneous Expenses. There you can describe your expenses and report amounts. 

Business deductions

 

 

There are 17 unique categories for entering business expenses in the TurboTax Home and Business program for a Schedule C.  If you have a particular expense that does not fit in the other 16 categories listed use Other Miscellaneous Expenses at the bottom of the list.

  • Click on Business
  • Click on Business Income and Expenses
  • Click on I'll choose what I work on
  • On Profit or Loss from Business, click on the start or update button

On the next screen, click on Edit for your business listed.

On the next screen scroll down to Business Expenses

On Other Common Business Expenses, click on the start or update button

Business deductions

Thanks for the tip!  Looking forward to trying it manaña.   MB

 

Business deductions

Thank you for the detailed advice!  Looking forward to applying it manaña.   MB

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