Schedule C Expenses - Meals and Entertainment

Enter your deductible business meal expenses. This includes expenses for meals while traveling away from home for business. Your deductible business meal expenses are a percentage of your actual business meal expenses or standard meal allowance. See Amount of deduction, later, for the percentage that applies to your actual meal expenses or standard meal allowance. In most cases, the percentage is [...]

Schedule C Expenses - Rent or Lease

If you rented or leased vehicles, machinery, or equipment, enter the business portion of your rental cost. But if you leased a vehicle for a term of 30 days or more, you may have to reduce your deduction by an amount called the inclusion amount. See IRS Publication 463 to figure your inclusion amount. Enter amounts paid to rent or lease other property (s), such as office space in a [...]

Schedule C Expenses - Travel

Enter your expenses for lodging and transportation connected with overnight travel for business while away from your tax home. Generally, your tax home is your main place of business, regardless of where you maintain your family home. You cannot deduct expenses paid or incurred in connection with employment away from home if that period of employment exceeds 1 year. Also, you cannot deduct travel [...]

Schedule C Expenses - Interest

Interest Allocation Rules The tax treatment of interest expense differs depending on its type. For example, home mortgage interest and investment interest are treated differently. "Interest allocation" rules require you to allocate (classify) your interest expense so it is deducted (or capitalized) on the correct line of your return and receives the right tax treatment. These rules could affect [...]

Schedule C Expenses - Wages

Enter the total salaries and wages for the tax year. Do not include salaries and wages deducted elsewhere on your return or amounts paid to yourself. Reduce your deduction by the amounts claimed on: Form 5884, Work Opportunity Credit, Form 8844, Empowerment Zone and Renewal Community Employment Credit, Form 8845, Indian Employment Credit, and Form 8932, Credit for Employer [...]