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The last 5 years I was an employee of a sales company and itemized business/job expense deductions (ie. vehicle expense, travel, meals and entertainment, other) with Schedule A and Form 2106. On July 7, 2000 I resigned from this company as an employee and started my own company as a sole proprietor. Do I still itemize with Schedule A all the expenses that occurred prior to 7/7/00? And then all others with Schedule C? Or all on Schedule C since that is my status as of 12/31/00? I'm single and will be filing Schedule A anyway because my medical expenses and charity gifts are more than the standard deduction...........just not sure where to deduct the business expenses. Please help soon.
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No. of Recommendations: 7
The last 5 years I was an employee of a sales company and itemized business/job expense deductions (ie. vehicle expense, travel, meals and entertainment, other) with Schedule A and Form 2106. On July 7, 2000 I resigned from this company as an employee and started my own company as a sole proprietor. Do I still itemize with Schedule A all the expenses that occurred prior to 7/7/00? And then all others with Schedule C? Or all on Schedule C since that is my status as of 12/31/00? I'm single and will be filing Schedule A anyway because my medical expenses and charity gifts are more than the standard deduction...........just not sure where to deduct the business expenses. Please help soon.
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You need both.
Put your unreimbursed employee expenses on Form 2106 in the various categories, which then leads to Schedule A.
Expenses incurred as a sole proprietor go on Schedule C.
You must allocate the expenses between the two areas: employee, and then sole proprietor.
Have fun!
HTH
--BigBunk
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