Deductions ?

Forum|Forum|6 years ago
July 12, 2020
31 replies
109 views

Hello.

A section I am filling out for self employed people asks Enter your legal and professional expenses Tax preparation fees .

Can I deduct the cost of the fees from Turbo tax online when I file under self employed ?

BillM223

Level 15

You can deduct on Schedule C only that portion of your TurboTax fees that apply to your business.

That is, you have to allocate a percentage of the cost of your return to Schedule C and not to the rest of the return. This number if arbitrary, but you have to justify it (no one else can do it for you). You may expense that amount which you think covers the expense of Schedule C and SE, but not the whole return.

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sugarbear9876543Author

Level 4

Hi .

I really don't understand . The Turbotax self employed version of is asking me to pay 120.00 or so. Can I deduct that ?

sugarbear9876543Author

Level 4

Please advise .

HFC3

Level 2

Darn - clicked wrong buttons - question was where do you enter Schedule C deductions. I didn't see them went I went through the first couple of times.

VolvoGirl

Level 15

@HFC3 In the Online web versions......You can only enter the 1099Misc and self employment income into Deluxe or Premier. If you have any expenses you have to upgrade to the Self Employed version.
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/00/27109

If you buy the Desktop CD/Download program then all versions have all the same forms so you can enter business income & expenses into any version.

BillM223

Level 15

Are you using the Online product called Self-Employed?

"A section I am filling out for self employed people asks" - you're telling me that this is not in the business section?

Have you entered any business information at all?

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HFC3

Level 2

For some reason, the first couple of times I went through the Schedule C deduction details werent available below the types of non-W2 income. This time, though, after clearing CACHE, they're visible.

On that note, though, later on the platform there's an error where it asks you when you expect to pay taxes owed. It stipulates the due date is April 15, 2020 - when, in fact, it's July 15th. On the previous attempts (which have been cleared), I entered April 15th to avoid TT from assessing a late fee but this should be corrected ASAP to prevent confusion.

ajiffypark

Level 2

Yes just enter what you paid in the misc expenses, or add it to a category you already created like "subscriptions".

sugarbear9876543Author

Level 4

Hi not sure what your responded to . Im at the supposed finish to pay and close this F***ing thing and at every turn its asking me for more fees and money .