Ask Terry Questions Taxes with a NEC

Taxes with a NEC

By Terry Savage on May 07, 2024 | Taxes & Economy

I rent a booth in antique mall. I am charged $150 month rent and a 15% commission . On my end of year earnings, that rent is not included even though it is taken out of my sales. Can I then claim this rent as a deduction. If not, why not?

Terry Says

If you can document it as a business expense, it certainly should be a business deduction!  You need to get a CPA to do your taxes — or use TurboTax to make sure you collect all your deductions, and reduce your taxes.

money

ASK TERRY

a personal
finance question