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How to Write Off Expenses in a Sole Proprietorship

One of the nice benefits of working for yourself as a sole proprietor instead of obtaining employment is the many opportunities to write off substantially more of the work-related expenses you pay. Writing off business expenses for your sole proprietorship can save you a substantial amount of money in income taxes. Before you start filling out your Schedule C and other tax forms — there are a number of preliminary issues to consider first which can make your tax preparation a little easier this year.

Using Schedule C

Your sole proprietorship isn’t a distinct legal entity like a corporation, for example — which is why the IRS requires net business earnings to be reported on your 1040 form and ultimately combined with other income you earned from other sources. The Schedule C, or the Schedule C-EZ if eligible to use it, is the main form that all sole proprietors will use to separately calculate their net profit or loss. Net profit is computed as gross revenue minus all business expenses that you choose to write off in the “Expenses” section of the form. A large number of common expenses, such as office expenses, rent, advertising, contract labor, each have a specific line where you should report the total of your related expenses. For expenses not listed, you can enter them in the “Other Expenses” or “Cost of Goods Sold” sections if the write off relates to inventory your purchase or manufacture for resale. However, there are some write-offs that require more than just a Schedule C.

SE Tax Deductions

When filing a Schedule C (or Schedule C-EZ) that reports $400 or more of net profit from your sole proprietor activities will also require the payment of self-employment taxes on that profit. Self-employment taxes cover the Medicare and Social Security taxes. In an employment context, employees have half of these taxes taken out of their paychecks through payroll deductions, while employers are responsible for paying the other half. As a sole proprietor, you’ll pay the entire self-employment tax you calculate on Schedule SE. However, you can deduct half of the self-employment tax on the first page of your 1040 as an adjustment to income.

Tax Accounting Methods

Reporting your write-offs in the appropriate year is essential. The timing of business deductions depends on whether the cash method or accrual method is used. When using the cash method, income is reported when you receive the relevant payments and deductions are reported in the tax year payments are made. In contrast, the accrual method lets you write an expense off once you have a liability to pay it without regard to the tax year it’s paid., but you’ll need to report income at the time it’s legally owed to you even if it’s paid in a future tax year.

Reference:
IRS Publication 334