So It appears as taking the standard deduction is a better option for me but my question is if I write off my mower and utv that was purchased under ag exempt last year would that help or would it not matter because it would still be less than the $24k standard deduction?
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If it does not meet the 24K threshold it will not help you. We had a bunch of expenses for my wife's work and tax man said it would not help us if it wasnt over 24K.Originally posted by randal View Post -
depends.
Some business expenses can be deducted from your schedule C income, and then you can still take the standard deductions against your net income that flows from your schedule C.
tbh really isn't the place to flesh all of that out.
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You sure helped him out a little!Originally posted by Atfulldraw View Postdepends.
Some business expenses can be deducted from your schedule C income, and then you can still take the standard deductions against your net income that flows from your schedule C.
tbh really isn't the place to flesh all of that out.
Appears to work just fine to me!
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yepOriginally posted by Atfulldraw View Postdepends.
Some business expenses can be deducted from your schedule C income, and then you can still take the standard deductions against your net income that flows from your schedule C.
tbh really isn't the place to flesh all of that out.Comment
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Yeah i was just wondering is there away or don’t even look into it further.. figured there was some tax people here that might know..Originally posted by Atfulldraw View Postdepends.
Some business expenses can be deducted from your schedule C income, and then you can still take the standard deductions against your net income that flows from your schedule C.
tbh really isn't the place to flesh all of that out.Comment
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If those are considered a farm expense, they would go on schedule F and can be used in addition to your standard deduction.Comment
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