0
How do you decide what deduction category to use on Schedule C?
Wiki User
∙ 14y ago
Schedule C is Profit or Loss from Business. Part II is Expenses and includes items such as depreciation on vehicles or equipment, business insurance premiums, contributions to pensions for your employees, and certain taxes (real estate and property on business assets, federal unemployment, etc.). You can claim all the deductions in the Expense Section for which you are eligible.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is the purpose of IRS schedule A?
Schedule A of the 1040 individual tax return is where a taxpayer will list itemized expenses if they wish to itemize. The 1040 tax return allows taxpayers the option of taking a standard deduction or to use the amount listed on their Schedule A (Itemized Expenses). Less and less people use Schedule A as the standard deduction is increased every year. With low mortgage rates most people no longer have enough itemized expenses to exceed the standard deduction. Since you can use either the standard deduction or the itemized expenses, you want to take the one that allows you to reduce your taxable income the most. This has left more and more people better off to take the standard deduction.
What tax form would you use for church donations?
Put your donation on SCHEDULE A (Form 1040) on line 16, this is your Itemized Deduction form.
David needs to create a new spreadsheet that will help him determine the payroll deductions for each employee. Which function would he use when he wants the spreadsheet to decide a deduction based on?
nested IF statement
What is the classification for LSD?
LSD is classified as a Schedule I drug in the Controlled Substances Act of 1970. As a Schedule I drug, LSD meets the following three criteria: it is deemed to have a high potential for abuse; it has no legitimate medical use in treatment; and, there is a lack of accepted safety for its use under medical supervision.
What is an example sentence with deduction?
Watson, you've hit upon yet another brilliant deduction! My tax return could use such a brilliant deduction... I don't recognize this automatic deduction that is listed on my paycheck.
Is a schedule 1 a depressant?
No, Schedule 1 drugs are classified as substances with a high potential for abuse and no accepted medical use. Depressants are a separate category of drugs that slow down brain activity and can include substances like alcohol, benzodiazepines, and barbiturates.
Are appeals that use deduction an example of pathos?
No, appeals that use deduction are an example of logos, which is a logical appeal that relies on reasoning and evidence to persuade the audience. Pathos refers to emotional appeal in rhetoric.
If you use the standard deduction can you claim personal exemptions?
No
Your girlfriend and her childlive with you can you use the child as a deduction?
No, you have to be legal guardian.
Can you use non taxable inheritance money for donation as a deduction?
no
How can you use a schedule in a sentence?
My schedule is booked this month!
Can you use items you paid for to use at work as a tax deduction?
If unreimbursed for them - generally YES.
