Solved: How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?
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How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

 
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Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

Your other post said: "I just started an online streaming business."

That does not make your groceries or meals deductible.

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10 Replies
Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

Food expenses for what exactly? If you are a farmer, what are you ordering from Postmates?
Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

Are you a courier for Postmates ?   And you need to pay for the food before delivering it ?  The people you deliver to don't pay for it in advance ?
New Member

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

Why do you think I'm a farmer? Thats my name and I order postmates alot while working and order from other places. Do they have to be all individually input? Like for taco bell can I total all the orders from there or do they have to be input separately
Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

Meals eaten for work while at work are not normally deductible unless you are traveling ... read up on the rules here :
<a rel="nofollow" target="_blank" href="https://www.indinero.com/blog/2018-tax-act-meals-entertainment">https://www.indinero.com/blog/2018-t...>
New Member

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

Good info but thats not what it said. a lot of things are still deductible like groceries and a lot is still 50% deductible. Still doesnt answer my question...
Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

"Like for taco bell"
 As indicated above, food eaten while working is generally NOT deductible.
"lot of things are still deductible like groceries"
Groceries are not deductible for Federal.
Level 9

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

As was pointed out, there is nothing that indicates you qualify for a deduction for food.  Meals during work are usually NOT deductible.

Unless you are (1) having a business discussion with clients at a 'business meal', or (2) traveling out-of-town overnight away from your usual area of work, meals are NOT deductible.
Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

OP's other post says:
 "I just started an online streaming business."
Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

Your other post said: "I just started an online streaming business."

That does not make your groceries or meals deductible.

View solution in original post

Level 15

How do I enter food expense? The whole total or place by place? Like can I just total all the postmates I got?

There are 17 unique categories for entering business expenses in the TurboTax Home and Business program for a Schedule C ( in addition to the vehicle, home office & assets sections).  If you have a particular expense that does not fit in the other 16 categories listed use Other Miscellaneous Expenses at the bottom of the list.

·         Click on Business

·         Click on Business Income and Expenses

·         Click on I'll choose what I work on

·         On Profit or Loss from Business, click on the start or update button

On the next screen, click on Edit for your business listed.

On the next screen scroll down to Business Expenses

On Other Common Business Expenses, click on the start or update button



If you are new to being self employed and  are acting as your own bookkeeper and tax preparer you need to educated yourself.... 
 

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

Home Office Expenses … Business Use of the Home

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

https://www.irs.gov/pub/irs-pdf/p587.pdf



There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Home & Business return and will help you keep up in your bookkeeping all year along with calculating the estimated payments needed ....
http://quickbooks.intuit.com/self-employed


Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for 2017 SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.
 


PAYING ESTIMATES
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% for 2017  SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.

You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
 
 
- 2. You expect your withholding and credits to be less than the smaller of:
 
    90% of the tax to be shown on your current year’s tax return, or
 
  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

To prepare estimates for next year, You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR Go to….
Federal Taxes or Personal (H&B version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

 


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