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January 25, 2024
Question

I started a business in 2023, and wants to claim my expenses

  • January 25, 2024
  • 2 replies
  • 0 views
I need not only personal tax, but business filing

2 replies

VolvoGirl
Employee
January 25, 2024

Did you set it up as a LLC or S corp or partnership, etc.?  If you are self employed, independent contractor, freelance, sole proprietor you file it in your personal retun on Schedule C .

 

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version.

 

How to enter income from Self Employment

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

 

Where to enter expenses

https://ttlc.intuit.com/questions/3636848-where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies

 

Here is some IRS reading material……

 

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

 

Pulication 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

 

 

January 26, 2024

To enter self-employment income and associated expenses in TurboTax follow these instructions:

 

1. Log into your TurboTax account and choose the Federal menu option 

2. Choose Wages and Income

3. Look for the Self-employment income and expenses menu option and click on Start or Review

4. Answer the general questions about the functions of your business

5. Eventually you will be asked to enter your business income and expenses

6. If you purchased furniture and equipment enter those in the Assets section

7. If you use a company car, enter that in the Vehicle section

8. If you use a home office, enter that in the Home Office section

 

When you are done, TurboTax will display your taxable income from the business. As a sole-proprietor, you will be subject to a self-employment tax of about 15% on your net business income in addition potential income taxes. You may also qualify for a Qualified Business Income Deduction (QBI) of up to 20% of your net business income.

 

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