I am employed as a carpenter by a company, plus have my own small business as carpenter. Both require me to buy all my own supplies, tools and materials. Where do I deduct these from my income?
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Your portion as an employee goes on Form 2106 and is transferred to Schedule A if you itemize.
If you are an employee, business expenses go on Schedule A, Itemized Deductions, Line 21.
*As of 1/1/2018, there is no longer a deduction for employee business expenses with TCJA.
If you are self-employed it goes on Schedule C, Profit or Loss from Business. You can put that portion under supplies unless you keep an inventory.
Report income without a 1099. Here's how to do that:
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