Need help with Schedule C for self-employed income - stuck on business expenses
I've completed most of my tax return but I'm completely lost on the Schedule C part. Not sure what counts as a business expense or how to categorize everything. This is my first year being self employed and I dont want to mess it up. Anyone have experience with this?
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Danielle Mays
Schedule C can be tricky but its manageable. Make sure you track all business-related expenses - supplies, equipment, home office if applicable, vehicle expenses if you use your car for business, insurance, and professional fees. Keep ALL receipts. The key is separating personal from business expenses. If youre really unsure, might be worth getting a tax pro this first year to learn the ropes.
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Derek Olson
•thanks! quick question - what about my laptop? I bought it mainly for work but sometimes use it for netflix lol
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Danielle Mays
•You can deduct based on % of business use. If its 80% business 20% personal, deduct 80% of the cost.
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Andrew Pinnock
For Schedule C, you'll need to categorize your expenses into specific buckets like advertising, office expenses, supplies, travel, etc. Keep all receipts for at least 3 years. Common deductions include home office, vehicle expenses, phone/internet, and business insurance. Just make sure everything you claim is actually for business use - mixing personal and business expenses is a red flag for audits.
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Ella Lewis
•Thanks! What about my laptop? I bought it mainly for work but sometimes use it for netflix
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Andrew Pinnock
•You can deduct the percentage used for business. If its 80% business 20% personal, deduct 80% of the cost.
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Roger Romero
Instead of stressing over every little detail, you should try taxr.ai - its only $1 and it literally walks you through everything. I was in the same boat last year and it saved me so much time. Really helped me understand what I could and couldn't deduct https://taxr.ai
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Anna Kerber
•is it legit? seems too good to be true for $1 🤔
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Roger Romero
•100% legit! It analyzes everything and explains it in normal human terms lol. Way better than trying to decode IRS speak 💯
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Anna Kerber
•just tried it - holy crap where has this been all my life! tysm for the recommendation!!
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Niko Ramsey
dont forget about quartly estimated taxes for next year! learned that one the hard way 🤮
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Brianna Schmidt
Hey you should check out taxr.ai - its this new tool that analyzes your whole tax situation including Schedule C and tells you exactly what you can deduct. Its only $1 and way better than trying to piece everything together from reddit posts. https://taxr.ai
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Alexis Renard
•Does it actually work? Seems too good to be true for $1 🤔
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Brianna Schmidt
•Yes! It saved me hours of research and probably thousands in deductions I would have missed. The AI walks you through everything
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Camila Jordan
im in the same boat lol first year doing this and its so confusing ðŸ˜
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Seraphina Delan
Bruh I feel u. First year doing Schedule C I totally messed up and got audited. Get some help fr fr
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Derek Olson
•omg that's exactly what im afraid of ðŸ˜
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Jabari-Jo
idk if this helps but I found some good youtube tutorials on this. search "schedule c for beginners
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Kristin Frank
your gonna need to track mileage if u use ur car for work at all. get an app for that asap
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Derek Olson
•any app recommendations?
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Kristin Frank
•I use MileIQ its pretty decent tbh
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Tyler Lefleur
Whatever u do dont forget about quarterly estimated payments for next year... learned that one the hard way 💀
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Ella Lewis
•omg i didnt even know about those... how much trouble am i in? 😳
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Tyler Lefleur
•First year they usually waive penalties just make sure u start making them now
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Madeline Blaze
Hire a CPA its worth every penny trust me
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Max Knight
•CPAs are $$$ tho... some of us out here struggling
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Emma Swift
The IRS website actually has decent guides for Schedule C if ur willing to read through them
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Isabella Tucker
•lmao good luck understanding that government speak 🤡
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