Schedule C Expenses - Insurance (Other Than Health)

Deduct premiums paid for business insurance. Do not deduct amounts paid for employee accident and health insurance as these are employee benefit program expenses. Do not deduct amounts credited to a reserve for self-insurance or premiums paid for a policy that pays for your lost earnings due to sickness or disability. For details, see Chapter 6 of IRS Publication [...]

New York Modifications

New York Modifications to Income (Additions and Subtractions) https://www.tax.ny.gov/pdf/current_forms/it/it225i.pdf Complete Form IT-225 and submit it with your return to report any New York additions and subtractions that do not have their own line on your [...]

Depreciation and Other Information - MACRS

The term "Modified Accelerated Cost Recovery System" (MACRS) includes the General Depreciation System and the Alternative Depreciation System. Generally, MACRS is used to depreciate any tangible property placed in service after 1986. However, MACRS does not apply to films, videotapes, and sound recordings. For more details on MACRS, see IRS Pub. [...]

Form 4562 - Schedule F Depreciation and Amortization

Use Form 4562 to: Claim your deduction for depreciation and amortization, Make the election under section 179 to expense certain property, and Provide information on the business/investment use of automobiles and other listed property. Who Must File Form 4562 Except as otherwise noted, complete and file Form 4562 if you are claiming any of the following: Depreciation [...]

Farm Income - Other Income

Enter online 8 income not otherwise reportable on lines 1 through 7. This includes the following types of income. • Illegal federal irrigation subsidies. See chapter 3 of Pub. 225. • Bartering income. • Income from cancellation of debt. In most cases, if a debt is canceled or forgiven, you must include the canceled amount in income. If a federal agency, financial institution, [...]