When you’re self-employed, the line between personal and business can get a little blurry. Sometimes, even with your separate business and personal finances, you find there are some personal tax deductions with business implications. Additionally, there might be times when you spend your own money on business-related items, even if you work for someone else.
We’re here to help clarify some of those types of expenses that are personal, but have some relevance to the health of your business. Some of the deductions you can’t claim on Schedule C may be claimable as personal deductions on Schedule A. There are some important facts and situations to keep in mind, however, which we’ll discuss later.