Employee’s With Schedule C’s Can’t Get a Tax Deduction

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
Employee's With Schedule C's Can't Get a Tax Deduction

Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one minute moment.

Dr. Friday 0:13
Up until the year 2017, we had a big change in all taxes, and people basically lost what was called the 2106 come 2018. That was where employees if you receive a W 2 and I can’t tell you how many tax returns I’ve seen where employees have created their own schedule C’s to deduct what they thought was a legitimate expense, but you’re not self-employed people. So if you’re an employee and you have deductions, they are not a tax deduction on your tax return. Only if you receive a 1099 and only the expense is tied to that 1099. If you need help call me at 615-367-0819.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.