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Nit - as far as I know in US this standard deduction applies only to overall household income. It does not apply to Schedule C (aka small business tax return fo
by dh2022 1y ago
Nit - as far as I know in US this standard deduction applies only to overall household income. It does not apply to Schedule C (aka small business tax return form). For Schedule C you really have to itemize what you spend your money on and keep receipts for some time in case of an audit.
- bobthepanda 1y agoI mean, the grandparent also says that in Finland small businesses need to file
- pwdisswordfishs 1y agoThis comment conflates several things and risks confusing others. Schedule C (self-employment), which is a schedule you attach to your personal income tax return vs a business tax return (different depending on the type of business and what they're reporting) filed by the business. Itemizing deductions (Schedule A) vs reporting/deducting expenses as part of a Schedule C as required by the IRS.