Are Schedule C Expenses Mandatory or an Election?

Answer If the IRS requires you to prepare a Schedule C attachment to your tax return to report your self-employment income, then you're eligible to reduce your net profit with business expenses you pay fo... Read More »

Top Q&A For: Are Schedule C Expenses Mandatory or an Election

Differences in Discretionary Vs. Mandatory Expenses?

The terms "discretionary expenses" and "mandatory expenses" refer to two different types of spending found in expense budgets and financial reports. It is important that the accounting department k... Read More »

Where do I deduct bookkeeping expenses on a Schedule C?

When you hire an outside contractor for bookkeeping services, you deduct the expense as either “contract labor” on Line 11 or as “legal and professional services” on Line 17. If you pay $6... Read More »

Rules for Auto & Truck Expenses on a Schedule C?

When the IRS requires you to file a Schedule C, you must separately report your self-employment income and expenses on the schedule rather than directly on your tax return. When auto and truck expe... Read More »

Are IRS audit expenses deductible as miscellaneous expenses?

Any legal fees for tax advice, any tax advice fees and any tax preparation fees are miscellenous deductions. These fees are subject to a 2 percent of adjusted gross income limit. Taxpayers can dedu... Read More »