How to enter items in Sch C?

CD

sorry I have premier only.

You can enter schedule C and expenses in Premier, actually in all desktop programs.  All the Desktop programs have the same forms.

To add a business or Schedule C (I have the Home & Business Desktop program which is a little different than the lower versions). So for other versions, see if this gets you there

Go to Federal tab
Click on Wages and Income - Continue
Pick - I'll choose what I work on
Then scroll way down to Business Items
Business Income and Expenses - Click the Start or Update button

You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is at risk. After you put in your income and expenses if your net profit is $400 or more you will pay 15.3% Self Employment tax in addition to your regular income tax. The Schedule SE will be automatically filled out for it.

Thanks

Is there a benefit of upgrading to Home & Business edition vs Premier for Sch C?

I don't have any rental or any business income.  Within Sch C I will have only Expenses as my profit and loss from trading will go to Sch D.

I have a general question

Information/numbers you add in TT interview section will flow into Forms.

For lots of item there is error in Form Mode so one can correct it manually. Information you add in Forms mode, does that flow back to interview section. I have having issues with 1116. If add some thing in Forms modes and go back to interview mode. Interview mode seems to able to get rid of you what I have added in Forms mode.

@VolvoGirl @Mike9241

In Sch I have lots (like close to 7)of Financial Subscriptions like WSJ etc.

Q: Should I list them one by one or Just combine them and list as Financial subscriptions?

Last year I filed Sch C and some of my expenses were Hardware purchase like Computer etc . I did not elect to choose/deduct Home Office deduction.

Q: Do I have to depreciate those or is it a choice? If yes how I do that? How much it effect taxes? Let say $2000 worth of computer hardware.

This year  I was able to fill out Sch C and my expenses.

I was checking this form in Forms Mode and it went to Question Did you get a 1099-K? but now software is dancing back and forth between this question and Any 1099 Misc Income? I am keep entering tab Continue but it is NOT moving forward. I was able to earlier enter my expenses in in form and went all the way to end.

Any suggestions (I am using CD premier )

Thanks @Anonymous_ Now Sch C trick seems to working now. Could you please help me with with these questions?

Business expense deductions

There are 2 types of Business Expenses which one would deduct as expense

services - subscription , data fees etc

goods/hardware - computer you need

Lets assume I have already deducted them for 2022 taxes.

Then do you get to choose depreciation as Business Asset for the same computer expense which you have already deducted as business expense. Or it has to be something else which you either have not deducted or not able to deduct as business expense?

Computer Hardware I bought and deducted as business expense in year 2022 are now business assets?

yes or no?

In turbotax it is asking Business assets summary.

Thanks in advance

It’s either a business expense or an Asset.  Not both.  So if you already took the expense you don’t enter it as an Asset.  The expense is a one time thing.  It’s one and done.  When you enter a new item bought in 2023 you choose how to enter it.  

So if you bought it in 2022 and expensed it then NO it is not a business asset.

@VolvoGirl @Anonymous_ 

Thank you for you thoughtful input. I was suspicious about it and that's why I asked here. In TT interview it was not clear what could be asset as they don't specify items listed as business expense can't be used as business asset.

In general under which situations one want to deduct an item (lets say I bought a computer this year) as business expense vs list as asset and depreciate it over years?

I am assuming Bonus depreciation like section 179 only apply If I want to list it as business asset VS listing an item as business expense?

If I am in high tax bracket this year (I can't predict next years income) so it is more tax advantage to take it as business expense this year and done with it because of higher tax savings?

Thanks again.

Have you seen this article?  See this article for expensing or depreciating Assets

What can I expense or depreciate with the business...

@Anonymous_ 

Thanks for clarifying.

 I am assuming di minimis harbor rule has same catch either your will deduct as business expense or use di minimus harbor deduction?

I am correct it is $2500 per items so a computer can be $2400 and monitors like $300 a piece as they are sold separately etc.

What is advantage of using di minimis harbor deduction vs business expense deduction as both are on Sch C interview?

Thanks

@VolvoGirl 

Thanks and now it make sense.

I only have business expense deduction. I don't have HOME OFFICE deduction (Home office deduction needs income on Sch C which I don't have as a Trader with TTS and no 475 election) so I don't  have traditional office related expenses like for office related goods like improvement to either office or office equipment.

That's why I did not pay much attention to de minimis harbor rules. Thanks for your help and article.

@Anonymous_ @VolvoGirl 

Thank so much and it is much clear now.