Date of Posting : June 22, 2020
No. It is not a business deduction. It is taken on the tax return of the owner’s page 2 Form 1040 on the line 9.You don’t need to look at your 2017 tax returns for line 9… the IRS has to fragment Form 1040 into multiple pieces and re-label them for the desire of everyone to get a postcard tax return. No one is complaining about the state tax returns, which are easily exceeding three pages (in California).
Coming back to the IRS and Form 1040 being fragmented…Taking an example of Schedule 1, titled Additional Income and Adjustments to Income-vital page 1 of old Form 1040.