I received a 1099-misc and reported my mileage which Turbo Tax says I have a standard mileage deduction of $2,566 but it does not reduce my tax at all and does not show up on schedule C on the 1040 form. What am I doing wrong?
What version of TurboTax are you using? If you are using the online product, you must use the Self Employed version to enter expenses. You enter them in the same section you enter the 1099-MISC income.
I have TurboTax Premier loaded on my PC and I have entered the information but it is not showing up on Schedule C to lower my net profit.
Switch to Forms Mode and look at your Schedule C. Check line 32. Or maybe you entered it on another schedule C and not the one with your income and profit? See if you have more than 1 schedule C.
Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year. And you have to answer yes to both questions about exclusive and regular use, not just one. The area of your home office must be used regularly and exclusively for business to deduct it.
Or you checked the box on 32b saying Some Investment is Not at Risk. People usually check the wrong box on line 32. You should check ALL is at Risk unless you know that it isn't. If you don't know what it means then probably All your Investment is at Risk (check Box 32a). It means you are using your own money for the business.