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?
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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.
Thank you!
How about the taxes paid on non-self-employment (from W2's)? Are those deductible on my W2 taxes or another category?
Unfortunately, no, regular Income Tax from W-2 wages is not deductible.
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