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Business expenses in Turbo Tax for me and spouse...?
Scenario:
My wife and I have separate side businesses at home, and we file jointly. She is a realtor and me, a computer programmer. I finished entering all my income and expenses in Turbo Tax, which includes pct. of home used, internet costs, cell phone, etc, particular to my business. After I finished entering her income, I started on her expenses particular to her business, but I noticed that none of her expenses seemed to count. That is, our refund numbers didn't get higher after I entered each of her deductions. Out of curiousity, I took her deductions and counted them against my biz income. When I did that, the refund numbers rose.
Question:
Based on my explanation above, can anyone explain to me why her expenses don't "count"? If it helps, we each earned about 16.5k for our side businesses.
Thanks!
1 Answer
- realityLv 61 decade agoFavorite Answer
You should add your expenses and heir's, just keep a receipts. Good Luck!