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Best answer by JaimeG

You are not required to do so but it would be beneficial to your Tax Return to include this expense. By entering expenses into your Schedule C the profit of your business (for tax purposes) is reduced. This reduction in profit translates into a lower Self-Employment Tax.

It is advisable to enter all the expenses related to the income produced by Self-Employment. For a quick read on Income and Deductions for Self-Employed individuals and Businesses please click on the link below:

TurboTax Overview; Business Income and Deductions

1 reply

JaimeGAnswer
Employee
June 1, 2019

You are not required to do so but it would be beneficial to your Tax Return to include this expense. By entering expenses into your Schedule C the profit of your business (for tax purposes) is reduced. This reduction in profit translates into a lower Self-Employment Tax.

It is advisable to enter all the expenses related to the income produced by Self-Employment. For a quick read on Income and Deductions for Self-Employed individuals and Businesses please click on the link below:

TurboTax Overview; Business Income and Deductions