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Ok....While I am sure there is a reason in the tax forms (well...maybe), here is what I encountered using TT online. I am, however, planning on buying the CD so that I can see the forms as I go. Anyway....
As I printed off the MMK reports and went through the general expenses using the T/S% and entering the totals after applying T/S, the "Tax Owed" was around $280. Fair enough....no biggy. It's not a hobby! Profit is good!
I then entered the standard meal allowance using the rates TT had for B/L/D/S/S/S. As I entered that total on the "Other" Sch C expenses, my tax owed INCREASED from the $280!!
I checked by re,oving the food cost, and just entered an additional cost under supplies and the same thing happened.
Would anyone know if there is some sort of tax implication/expense limitation which when entering a Business Expense would cause the Tax Owed to go "up"? Thanks.
As I printed off the MMK reports and went through the general expenses using the T/S% and entering the totals after applying T/S, the "Tax Owed" was around $280. Fair enough....no biggy. It's not a hobby! Profit is good!
I then entered the standard meal allowance using the rates TT had for B/L/D/S/S/S. As I entered that total on the "Other" Sch C expenses, my tax owed INCREASED from the $280!!
I checked by re,oving the food cost, and just entered an additional cost under supplies and the same thing happened.
Would anyone know if there is some sort of tax implication/expense limitation which when entering a Business Expense would cause the Tax Owed to go "up"? Thanks.
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