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Can business expense (from Schedule C) counted as Credits on Form 1040-ES? |
For a 1099 contractor during 2006, is the business expense calculated from schedule C be counted as "credits" or "itemized deduction"? I'd like to use the standard dection, because stanadard deduction is higher than itemized deduction. If I do that can I write off business expense as "Credits" on line 9 of Form 1040-ES to reduce my estimated tax? Use a Schedule C to figure your business profit to include on Line 1. The Schedule C expenses do not appear by themselves anywhere on the 1040ES, they in particular are not part of Line 9. The standard or itemized deductions (from Schedule A) appear on Line 2 and your business expenses do not figure into either of these amounts. |
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