Posted by JDinMD (JD/MD) on April 10, 2007, 5:35 am, in reply to "I was just commenting that I don't take the...." --Previous Message--
76.106.105.216
What do you think a sole propietor is? A business. Sole propietors file Sch C on their personal tax return. Sch C is where the business activity code goes, again, having nothing to do with itemizing. Partnerships and corporations also use business activity codes.So yes, business activity codes do have something to do with businesses. That is their purpose.By the way, anyone in any state can use the sales tax deduction if they choose to.
: standard deduction anymore. In Florida
: we are now allowed to claim sales tax
: when itemizing. Business codes are
: used on personal tax returns for sole
: proprietors which is not related to a
: business return in any way.
:
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: What does itemizing or standard
: deduction have to do with a business
: code? Business codes are used on a Sch
: C, 1065 or other business returns. The
: code you use has nothing to do with
: whether you itemize deductions or not
: on a 1040.
:
: --Previous Message--
: and never take the standard deduction.
: Both of my parents were tax
: accountants so I'm trained in
: "overkill". The common rule
: is to use the one that is the main
: source of your income.
:
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: 541199 = Notary Public Services
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