Question

deduction

Forum|Forum|5 years ago
March 23, 2021
1 reply
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how do I claim my business expenses if I made over $100,000 in combine family income?

Employee

If you are self-employed, you complete a schedule C that lists your business income and expenses, and calculates you net taxable income (profit) from the business. That information flows to your main form 1040, where you will enter any W-2 wages, investment income, and other deductions and credits. Your personal deductions (state and local taxes, mortgage, charity donations) are listed on schedule A and you can deduct them from your income (itemized deductions) or you can use the standard deduction.

If this is your first time with a small business, you may want professional help, there is a lot to know when you get started.