I am a Sole Proprietor. If I choose the standart deduction, do I have to itemize my expenses?
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If you are self employed, you will file a Schedule C. All of your expenses related to that income will be reported on the Schedule C. You may still take the standard deduction or itemize and file a Schedule A if you have certain other expenses. Most likely, these expenses include state and local taxes paid, charitable contributions, real estate taxes paid, and mortgage interest on your principal residence.
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As a Sole Proprietor you will file a Schedule C so keep track of:
Your expenses that is ordinary and necessary for your business
Your business miles
Income you have received
You can itemize if you are a homeowner or your contributions and expenses are over the standard deduction amount.
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