Standard vs Itemized w Schedule C

Nov 17, 2018

  1. billdozer
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    billdozer Expert

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    Itemized deductions go on your Schedule A.
    Itemized deductions and Schedule C filers have no relation. You might be confused with Scheduled A, which is where you can itemize your deductions such as mortgage, state and local tax (capped), medical expenses, charitable contributions, and other non-business deductions; Schedule C deductions are business-related.

    And the 7.5% over-the-line deduction has always been there. Although you'll save on your income tax, there will be no change on your self-employment tax.

    edit: I'm an enrolled agent and it's my bread and butter. But I lurk in these forums because I would like to sell LI during non-tax season.
     
  2. PCBI
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    PCBI Super Genius

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    12,000 filing single deduction to avoid itemization
     
    PCBI, Nov 28, 2018
    #12
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