Business and Farm

Schedule C Profit or Loss From a Business

• How do I report my Depreciation?
• What is form 1099-NEC?
• What do the Expense entries on the Schedule C mean?
• What do the Income entries on the Schedule C mean?
• What is the difference between Office Expenses and Supplies?
• Should I use Contract Labor or Wages for my Schedule C Expenses?

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Qualified Business Income

• How is the amount on line 1 of my 8995 (Qualified Business Income Deduction) calculated?
• Does my small business qualify for the QBI Deduction?
• Does the Qualified Business Income Deduction reduce my self-employment tax?
• How do I claim the Qualified Business Income Deduction (QBID)?
• What is Qualified Business Income (QBI)?
• What is the maximum amount (threshold) I can earn and still claim the 20% small business deduction?

Schedule F Profit or Loss from Farming

• How do I report my Profit or Loss from Farming?
• How do I enter my Crop Insurance Proceeds?
• Am I a Cash or Accrual farmer?
• Farming Expenses: What can and cannot be deducted?
• Does my farm qualify for the Qualified Business Income (QBI) Deduction?
• How do I claim QBID for my Farm income?

Business Expenses

• Should I use the 50% or 80% meal deduction on my Schedule C?
• What are the Standard Mileage Rates ?
• What are cost of goods sold on the Schedule C?
• 2020 Standard Mileage Rates
• What are the expenses that I can list on my Schedule C?
• Is your vehicle eligible for the Standard Mileage Rate?

Business Use of Home

• When do I qualify to take a deduction for the business use of my home?
• Business Use of Your Home - What expenses can be deducted?
• When May I Deduct the Business Use of Home?
• What is the difference between "Direct Expenses" and "Indirect Expenses"?

Depreciation

• What does Mid-Quarter Property mean?
• What are the types of Depreciable Property Methods?
• What is Bonus or Special Depreciation?
• What is Mid-Quarter Property?
• What is Listed Property?
• What is depreciation?

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