Standard vs Itemized w Schedule C

Nov 17, 2018

  1. PCBI
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    PCBI Super Genius

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    It is my understanding u can take a standard deduction on taxes 2018 for a single person 12,000 and still achedule C business deductions.

    Seems tedious to itemize when 12,000 is a big number when renewals are 40,000 in retirement w no other income.

    Anyone recommend a software platform that does it right like Turbo Tax (which version?) or Free File w ira.gov ?
     
    PCBI, Nov 17, 2018
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  2. PCBI
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    More good news for 1099 self employed even without itemizing ! Pass through deduction 20% in addition to the 12,000 deduction and 7.5% reduction self employment!

    What We Know About the 20% Pass-Through Tax Deduction (So Far) -- The Motley Fool
     
    PCBI, Nov 17, 2018
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  3. PCBI
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    PCBI, Nov 17, 2018
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  4. adjusterjack
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    Keep in mind that your Schedule C net amount goes above your AGI and your standard deduction (or Schedule A amount) goes below your AGI.

    So if you have any expenses at all, it's probably worth figuring the Schedule C, unless they are so minimal as to be not worth the effort.

    Also, if you are 65 or 66 (don't remember which) that $12,000 is actually $12,500 or $12,600 (don't remember which). Check the tax booklet about that. Either the 1040 instructions or publication 17.

    Don't forget the Office in the Home deduction. That's worth a few bucks if you use part of your home for administrating your renewals.
     
  5. Allen Trent
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    Dont forget to deduct your mail box, your driveway, your car, etc that you use to receive your renewal checks & the new roof you put on the house that helps keep your renewal checks dry. Maybe even file to receive the earned income credit, adopt a neighbor kid to pick up your renewal checks for the adoption credit. :biggrin:
     
  6. PCBI
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    56 years old
    all renewals so i plan taking standard deduction with schedule c and biz expenses NO itemization

    some other deduction
    12,000 single
    SEP
    SE adjustment
    20% Pass thru deduction

    Contracting Is Now a Better Tax Choice Than a Salary
     
    PCBI, Nov 17, 2018
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  7. PCBI
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    lol
    lol
    can u writeoff dog?
     
    PCBI, Nov 17, 2018
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  8. adjusterjack
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    Sure. Take him to the bank with you to guard the checks you deposit. Then you can write off an appropriate part of his food and other costs. If he guards your home office, too, the deduction gets bigger.
     
  9. PCBI
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    TP in office will b upgraded to 1000 sheets and soft now! thx
     
    PCBI, Nov 18, 2018
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  10. FexBids
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    PCBI,

    I know you said you're retired with $40K in renewals retirement pay.

    But you said nothing about the 12,000 -18,000 miles (@ $0.55 a mile tax deduction) you drove this year visiting those insured clients to make sure those renewals keep coming in. Did you forget?

    Maybe that would be called semi-retired.

    Have a great day!
    tinman
     
    FexBids, Nov 21, 2018
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