Itemized vs. Business Deductions: Ending the Confusion
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If you’re a creative entrepreneur, you may be confused about itemizing vs business deductions, and whether to itemize or take the standard deduction when you’re filing your taxes.
Today, I’m diving into the details of business deductions and itemizing as a creative, the differences between the two, and exactly how to know if you should be itemizing. I’m also sharing the civic side of taxes and some of the built-in biases that exist within our tax system.
Also mentioned in today’s episode:
Schedule C and who gets to file it 3:09
What are business deductions 6:25
The standard deduction for 2022 12:09
What are itemized deductions 14:25
The difference between itemized deductions and business deductions 22:05
The equity issues behind itemized and standard deductions 23:36
Why the tax code favors home ownership 29:10
Exactly how to know if you itemize 32:40
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