A community of 30,000 US Transcriptionist serving Medical Transcription Industry
There was a discussion on the company board about tax deducions and I'm curious. sm - Old MT
Posted: Feb 03, 2013
Their discussion got a little heated and I'm not interested in that, but I have been an IC the last couple of years and I have never had enough deductions to itemize -- is that unusual? I am single, no dependents, my office portion of my apartment is only about 10%, so that means only about $100/month for rent/utilities/internet, so still way below the standard deduction. Am I missing something? TIA.
I don't have enough to itemize, but I have enough - Me
[ In Reply To ..]to lower my IC income by 500. With all my other deductions I still don't have more than the standard deduction. I can't imagine that anyone who works as an IC would have that much expenses. If they have multiple accounts they might have more expenses, but still not that much, unless they maintain an office independent of their residence.
Do not forget home office deduction if you have - an office dedicated to your work.
[ In Reply To ..]That should be a decent deduction right there.
depends on size of your - living space
[ In Reply To ..]and then only can use a "percentage" of that. All ICs pretty much know about what sort of deductions they can and cannot take.
Yes it is a percentage and employees can take this - deduction also, not just IC.
[ In Reply To ..]The percentage is simply the square footage of the space used for work in comparison to the total living space. You'd be amazed how many don't know and don't take the deduction.
Doesn't IC income go on Schedule C? - Doubt that has changed since I last owned a busine
[ In Reply To ..]In which case the "standard deduction" is irrelevant -- THAT goes on your 1040.
yes it goes on a schedule C - but if still not more than
[ In Reply To ..]the standardized deduction, it cannot be used as deductions. Schedule C is just pretty much a "calculator" to see how much your deductions COULD be. If they are still lower than the standardized deduction, you cannot use them. You cannot use both, but one or the other! Not trying to start another argument, but this has been my experience with taxes.
Pretty sure you're thinking of Schedule A not C - Did taxes for H & R Block years ago
[ In Reply To ..]nm
no. - no.
[ In Reply To ..]I know the difference...so NO. I wouldn't trust H&R block to change my kids diapers much less do taxes...talk to 6 different people get six different answers. I am not stupid. I know the difference between A and C!
Sorry, but you're wrong - See message
[ In Reply To ..]Okay, here's a link to the IRS Schedule C form. On what line number are you finding a reference to the standard deduction?
http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
On the other hand, here is a link to IRS Schedule A. On line 29, you will see that it tells you to enter the amount on Form 1040, line 40:
http://www.irs.gov/pub/irs-pdf/f1040sa.pdf
Now, if you go to Form 1040, line 40:
http://www.irs.gov/pub/irs-pdf/f1040.pdf
You will see that on line 40, big as life, it says quite clearly, "Itemized deductions (from Schedule A) or your standard deduction."
Again, I'm sorry, but you are confusing Schedule C with Schedule A.
no - no
[ In Reply To ..]no.
Income and business expenses Schedule C - ICManiac
[ In Reply To ..]The total from Schedule C (income less expenses) is put on the front page of 1040 as your income. I claim everything: Ink, paper, monthly fee for a cloud service, Christmas gifts sent to clients, etc. It takes off a couple thousand a year. In the case of an independent contractor, the IC would claim expenses on Schedule C and standard deductions on line 40 of the 1040.
This should not be confused with itemized deductions, line 40 (Schedule A) which is to be used by employees. I could see where it would not benefit an employee to itemize on Schedule A and s/he would want to take the standard deduction.
Thanks for the help -- I am clearer about things now. sm - Old MT
[ In Reply To ..]I really wish I could find an employee position that paid well so I wouldn't have to deal with this, but as long as I have to be an IC, I might as well get this tax stuff right and not pay any more than I have to pay. :-)
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