Schedule C Hot Topics

With tax season upon us, we have compiled a list of hot topics the IRS has been known to closely examine with the filing of a Schedule C – Profit or Loss from Business. The IRS’s primary concerns revolves around the reliability/duplication of information provided on the Schedule C as well as the methods used […]

Can I Deduct Educational Expenses For Work?

Question: I’m employed by a large company and earn around $250,000 per year. In addition, I have about $100,000 in annual business income from consulting that is reported on Schedule C. I attend a college in Chicago, and it is a post-secondary educational facility. Can I claim the education costs on Schedule C, and the […]

How State Taxes Impact Federal Tax Returns

Let us review the concept of how state taxes impact federal tax returns. On New York State tax forms IT-201-I, or IT-150, or NYC-202(4), the taxpayer is subject to either individual or business income tax. However, on Schedule A or Schedule C of federal form 1040, the taxpayer may deduct state and local income taxes. […]