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jwi4o2d
Returning Member

Questions about categories for self-employed business deduction (on Turbotax Home & Business)?

Which CATEGORY does Property Insurance fall under - when claiming this deduction for a self-employed business? (Using Turbotax Home & Business)

 

Also wondering whether I can deduct previous year's taxes paid in deductions, and if so, which category does that fall under on Turbotax Home & Business? 

 

 

3 Replies
MarilynG1
Expert Alumni

Questions about categories for self-employed business deduction (on Turbotax Home & Business)?

You can deduct the portion of mortgage interest, property tax, insurance, utilities, etc. that applies to the % of your home that your Home Office occupies

 

In the Self-Employment Expenses section, you can enter the details about your Home Office, including these types of expenses.

 

Click this link for more info on Home Office Deductions

 

The Self-Employment Taxes you paid on last year's income are not deductible, sorry.  These taxes go into your Social Security account.

 

This link gives detailed info about Self Employment Taxes

 

 

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jwi4o2d
Returning Member

Questions about categories for self-employed business deduction (on Turbotax Home & Business)?

Thank you!

How about the taxes paid on non-self-employment (from W2's)? Are those deductible on my W2 taxes or another category?

MarilynG1
Expert Alumni

Questions about categories for self-employed business deduction (on Turbotax Home & Business)?

Unfortunately, no, regular Income Tax from W-2 wages is not deductible.

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