http://www.whatcanideductonmytaxes.com/personal-small-business-tax-deductions-in-addition-to-standard.php Personal income tax deductions explained. Mon, 07 Feb 2011 18:14:50 +0000 hourly 1 http://wordpress.org/?v=3.1 http://www.whatcanideductonmytaxes.com/personal-small-business-tax-deductions-in-addition-to-standard.php/comment-page-1#comment-166 tro Wed, 23 Jun 2010 04:37:37 +0000 http://www.whatcanideductonmytaxes.com/personal-small-business-tax-deductions-in-addition-to-standard.php#comment-166 you are mixing apples and oranges your standard deduction is the standard established with IRS for taxpayers depending on your status and it includes things you might itemize if they exceeded the standard ie. medical, taxes, interest, contributions, casualties and misc things like union dues etc if you are starting a business the expenses you incur getting this business up and running are called preopening expenses and are not deductible until you actually have the business running and then they are amortized over a period of 5 yrs(there is a $5000 special allowance) you need to get publication 34 from www.irs.gov to show you what are business deductions etc. your side business will be reported on Sch C which is included with your 1040 you are mixing apples and oranges
your standard deduction is the standard established with IRS for taxpayers depending on your status and it includes things you might itemize if they exceeded the standard ie. medical, taxes, interest, contributions, casualties and misc things like union dues etc
if you are starting a business the expenses you incur getting this business up and running are called preopening expenses and are not deductible until you actually have the business running and then they are amortized over a period of 5 yrs(there is a $5000 special allowance)
you need to get publication 34 from http://www.irs.gov to show you what are business deductions etc.
your side business will be reported on Sch C which is included with your 1040

]]> http://www.whatcanideductonmytaxes.com/personal-small-business-tax-deductions-in-addition-to-standard.php/comment-page-1#comment-167 Kas Wed, 23 Jun 2010 04:37:37 +0000 http://www.whatcanideductonmytaxes.com/personal-small-business-tax-deductions-in-addition-to-standard.php#comment-167 Was the business income your only income for the year? Business expenses go on a Schedule C, and go against gross income from your business. If you have other income (i.e. another job, retirement distribution, social security) It would still probably be beneficial for you to itemize using a Schedule A because Sch. A deductions go against all of your income, not just business income. Hope that makes sense and helps! Was the business income your only income for the year? Business expenses go on a Schedule C, and go against gross income from your business. If you have other income (i.e. another job, retirement distribution, social security) It would still probably be beneficial for you to itemize using a Schedule A because Sch. A deductions go against all of your income, not just business income. Hope that makes sense and helps!

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