I would like to add the business expense category of training/education/consultation

Answer

Pleased to have you here, karenwolfeomega.

Allow me to share with you information about recording and categorizing your expense transactions.

Education expenses are legitimate business expense which you may be able to deduct as a self-employed individual. However, it is subject to certain limitations and qualifications that must be met in the same way as an individual taxpayer does. You can categorize it under Schedule C: Other Business expense.

During annual tax filing, you will have to include your Work-Related Education Expenses in your list of itemized deduction list in TurboTax.

Here’s how:

  1. Login to your TurboTax Self-Employed account.
  2. Select Federal Taxes.
  3. Choose Deductions & Credits.
  4. Click I'll choose what I work on.
  5. Select Visit All beside Education.

Answer the questions and enter your figures. Be sure to click through until the Education Deductions are maximized by TurboTax.

For future references, you may check out these articles:

For you to be guided properly in categorizing your self-employed business expenses, I’d highly suggest consulting with your accountant. You can also visit our AnswerXchange Community Team for further assistance on tax-related questions.

Please feel free to leave a comment below if you have follow-up questions about managing your self-employed business transactions. I am here to help.

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