So… last minute taxes, coz I’ve been putting it off for fear of the headache I’d get (and am getting).

I’m self-employed, and went through and deducted all business expenses (rent for home office space, computer stuff, stationary, supplies, etc, etc…). I also deducted my insurance premiums as a business expense, but then did other medical expenses as personal expenses.

However, not having many personal deductions, my medical expenses don’t seem to be enough to take any deduction, and being rather poor (oh woe is me) I’d prefer deducting medical expenses as a business expense if I can… can I? And if so, where do I do that? I only see a section for insurance… not misc. medical expenses.

Thankyou so much!!!
Nothing’s paid with credit card… all debit/bank card, and I have the bank records and receipts for everything. No interest. I don’t even have any credit cards.

My medical expenses exceed 7.5%, but it still won’t let me deduct them as those are pretty much the only personal expenses I have (most everything is business, as I work from home, so can deduct portions of utilities, rent, phone, internet, etc…) so I don’t have enough personal expenses total to get any deduction apparently (?).

I don’t make enough for them to bother auditing me… they’d be spending more to audit me than they’d get back (if they got anything back, as I have receipts for everything and they’re all legit).

Basically, all misc. medical expenses are through insurance (what insurance wouldn’t cover, etc…) which IS business, so…???

Ugh.

If anyone could further clarify I’d appreciate it (I realise I’m probably arguing a moot point, but hopefully someone can point that out?)! Thanks!!!
The verdict: taxes are way too confusing. Bah.

Thankyou to those who tried to help! I appreciate it.

I did a bit of sleuthing, and according to "Topic 502 – Medical and Dental Expenses" on the IRS’ website, I CAN deduct misc. medical expenses on " Form 1040, Schedule A". And I did… and it helped a lot. The info is here in case anyone needs it in the future: http://www.irs.gov/taxtopics/tc502.html

Cheers, and thankyou!

Off to the 24 hour post office to avoid the hoards tomorrow (ugh!)!
Kathykoul… thank you, but it’s already been clarified. I checked online (one of the links listed) and out of nervousness called the IRS after sending out my taxes (and was on hold for like an hour) and they verified that I can, in fact, take them as business expenses since I’m self-employed.

I have had a very part-time photography business for the last six years. I’ve had a NOL every year because the income from the business is less than the amount I spend on equipment for the business. This year I’m having to reclassify my business as a hobby because it has not had a profit in five years. I’m not filing Schedule A Itemized deductions because my allowable deduction is limited to business income amount which was 0 which is much less than the standard deduction of 50. I’ve listed the type & amount of income from photography on line 21 of form 1040. Am I considered self-employed, do I need to fill out Schedule SE self-employment tax form?
Charles, Thanks, you answered a previous question of mine too.
Robyn, it’s comforting to have the advice of an expert. Thank you!
Bob, I have no mortgage or property taxes & I made less than K in 2008. I filled out a Schedule A & my total itemized deduction is 6 because of the 2% limit. In previous years I filed Schedule C & Form 4562. I would usually Section 179 anything that cost less than 0 & depreciate anything that cost over 0. I purchased over K worth of equipment in 2008. Now that I have most of the equipment that a professional photographer needs, I must classify my business as a hobby. It’s disappointing but now I know I need to work harder at making a profit if I’m gonna say I have a Photography Business. Thanks for your answer.

Ok I need to know more about the social security taxes. When you are working for someone, I know that the employer pays half of the medicare and social security taxes. Iam tryin to understand how does this work when you are self-employed(running ur own business), I read in the book that the IRS allows you to take half the amount as tax deduction on FORM 1040–I need some more clarification on what it means.

OK, I e-filed my tax return, form 1040, using TurboTax. I’ve already received my federal and state checks. However, a couple of days ago, a relative of mine has informed me that I have land as part of a partnership and that I need to file an amendment to my tax return. He gave me form 1065 – Partner’s Share of Income, Deductions, Credits, etc. Being that I’ve filed as an independent and have no children, I figured I would try to not use a CPA and do this amendment myself. How do I go about doing this using TurboTax? Do I really need to purchase the Business software that they recommend? I’m really confused. Also, will this affect the amount of student loans that I’ll be receiving?
Boxes filled on 1065:
2 – Net rental real estate income (loss) – 361
5 – Interest income – 194
7 – Royalties – 0
17 – Alternative minimum tax items – 0
19 A & B – Distributions – 0
20 – Other information – 194

All other boxes are empty. Any help is appreciated, thank you!!
I know I prob shouldn’t have posted the financial info, it’s really not a lot of land and I have nothing to hide financially, I’m just a little upset at the relative for popping up with this so late and the fact that I didn’t know about it for so long among other things….

I have a question about tax form 3800 "General Business Credit" I have a full time job so taxes are being taken out of my check etc. But I also have my own painting business. I have a contract with a local apartment complex. They told me at the end of the year they would send me tax form 1099 Misc.

Anyway I will make over 5k and I was wondering if I would be able to use tax for 3800 for anything. I was looking over the form and in Part II section 9 it tells me for individuals to enter the amount from form 1040 line 39. My question is am I able to deduct the standard deduction which is "single" "head of household" ect. depending on which one I qualify for on the 3800 tax form also?

If I am thinking correctly that would be a double deduction, once from form 1040 and then from form 3800. Can anyone help me with this or am I really missing something.

Thanks

Where do I put in deductions for my small business. I filled them into the form 1040 under "Employee Business Expenses," and it didn’t do anything to change my return amount. Is this normal, or did I just fill it into the wrong spaces? There is also (in form 1040) "Misc. Deductions," should I have filled it in there under "Other"? Thank you.