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Celery63
June 6, 2019
Question

Standardized or Itemized Deduction when filing with a small business LLC?

  • June 6, 2019
  • 1 reply
  • 0 views
I've always depended on the itemized deduction as related to the small business so never thought I could take the standard deduction on the personal side of the return. Can I have both Standard deduction for the personal side and itemized for the small business part of the return?

1 reply

VolvoGirl
VolvoGirl
Employee
June 6, 2019

Yes.  They are totally separate things.  Are you filing schedule C for your LLC?  Are you a sole proprietor?  If you are a S corp you need to file a separate 1120S business return.  Or a 1065 Partnership return.  How is your LLC set up?

VolvoGirl
VolvoGirl
Employee
June 6, 2019
Personal Standard Deduction or Itemized Deductions on schedule A have nothing to do with self employment on schedule C.
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