It's better thru your business where you can deduct more up to your net income while itemized deduction would only allow you to deduct your health insurance costs if you meet above 7.5% of your income which most people don't.
I would mention the qualified business deduction as a part of your video. It's not reflected in your schedule C but the profit is pulled from it which amounts to a nice 20 percent deduction from that income
Great video. I am not an accountant but I would be weary about having a loss on your Schedule C since that is a big audit trigger. Just be sure you can prove that you materially participate in your business before writing off your expenses
Isn't the easiest way to tell if you have a business from whether or not you registered with your local state/city/county a business and business name? :P
Question, i have a w2 and flipping houses, i want to report 45k in remodling last year, but the profit (selll of the house) wont happen until this year
Hi! This is really helpful. But I have a question and I hope you can provide an answer. So I moved from one state to another. My small business is registered in NC. When I moved to PA, I didn't use my business payment method and opted to do my business under Sole Proprietorship which doesn't require me to register/transfer the business. My question though, I am filling out the Schedule C and I don't know where should I include my earnings from November to December (we moved by the end of October). I'm just concerned that the address that I have to put on Schedule C is my address in North Carolina since that's the address where the business is registered. Do I have to create 2 separate Schedule Cs? Thank you in advance!
