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Do I have to deduct business expenses?

Forum|Forum|3 years ago
December 31, 2022
1 reply
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Hello,

If my refund goes down with the amount of business expenses I enter, do I have to enter my business expenses?

Thanks

Best answer by DoninGA

Yes, you are required to enter all of your business expenses and all of your business income.

Failure to enter the expenses may enable you to receive tax credits and a refund you were not eligible to receive which is tax fraud.

DoninGAAnswer

Employee

Yes, you are required to enter all of your business expenses and all of your business income.

Failure to enter the expenses may enable you to receive tax credits and a refund you were not eligible to receive which is tax fraud.

X

xmasbaby0

Employee

@CG2 Based on the couple of questions you have posted recently it seems you might be very new to self-employment and need to learn some important things. It is up to you to keep good records of your business expenses and of your income and report them accurately when you prepare your tax return. It might be tempting to under-report your expenses in order to "beef up" your earned income credit, but that is fraudulent--do not do that.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**