Schedule C - Can I Still Use Standard Deduction??

[Lisa/ChefBear]

Hi all,
I'm spending this afternoon/evening still working on my taxes, nothing like the last minute, lol.

Anyway, my hubby wants to be sure, if I do schedule C for my business, can we as family still take a standard deduction??

Any help would be great.

Thanks,

Lisa

 

[maryhenderlite]

Yes!! Sch. D had nothing to do with Standard Deduction (only affects total income ie. profit or loss).. HTH,

 

[Admin Greg]

Yes, you can still take a standard deduction even if you file a Schedule C for your business. The standard deduction is a set amount that you can deduct from your taxable income without having to itemize deductions. This applies to both individuals and families.Filing a Schedule C for your business will not affect your ability to take the standard deduction. However, keep in mind that the total amount of your business expenses claimed on your Schedule C may reduce your overall taxable income, which in turn may affect the amount of your standard deduction.It's always a good idea to consult with a tax professional or use tax preparation software to ensure that you are maximizing your deductions and taking advantage of any potential tax benefits.