Do you have to qualify for itemized deductions when you own a business?

-I have a business. Total deductions for the tax year 2011 will total about 7K or so.



If you are in business, do you have to reach a certain amount of deductions before you qualify to be able to itemize them? Or can I deduct the very first dollar I spend?Deductions for your own business go on Schedule C and are not "itemized deductions". You can deduct the very first dollar, but only if you do not call it an "itemized" deduction.



An "itemized deduction" is a deduction that goes on Schedule A, for things like medical expenses, home mortgage interest, etc., that do not have anything to do with your business. You can deduct all the dollars, or the "standard" deduction", but not both; if the standard deduction is more, then it is better not to deduct the itemized deductions.
Schedule A, itemized deductions, have nothing to do with schedule C, business income.



You deduct the first dollar of "ordinary and necessary expenses" incurred after you opened the business. There are limitations on expenses incurred before the business started. Some expenses are not immediate, but depreciated/amortized over time.
Never but never tread in the world of taxes without classroom training and study. Itemized deductions have nothing to do with the world of business and etc. Go to IRS.GOV and download the free Pub 17 or order it to be delivered; ditto for a Sch C and instructions therefor. What you don't know can wind up putting you in bankruptcy court when it comes to finance and taxes and etc.
You just have to file a Schedule C with your federal tax return. There is no threshold to meet with a schedule C like there is with a Schedule A.



If you don't have at least $7K in business income, the IRS may call this a hobby, not a business, and disallow the deductions. See my source for the rules.
For a business, you can deduct any eligible expense, even if the total is just $1. There is no "standard deduction" for businesses like there is for personal returns.
itemized deductions are your personal items on sch A

if you have a business and incur business expenses you report them on Sch C as you also report your income

business expenses are not itemized deductions
depends how you spent it and what you spent it for.

talk to your accountant