# Enrolled Agent Exam [Part 2] 03, Schedule C — Common Deductible Expenses

Page: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-03-schedule-c-common-deductible-expenses
Text version: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-03-schedule-c-common-deductible-expenses.md
Podcast: [Finance Exam Prep](https://stenobird.com/podcast/finance-exam-prep-7658413)
Published: 2026-04-30T22:41:20+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/4ccd7183-7754-475c-9681-431784077c79.mp3
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Duration seconds: 230

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The two-part "ordinary and necessary" test required for all Schedule C deductions. - How to distinguish between deductible employee wages and non-deductible draws for a sole proprietor. - The crucial difference between deducting contract labor versus wages and the associated tax forms. - Why self-employed health insurance premiums are not deducted on Schedule C, a common exam trap. - The importance of documentation and the rule against deducting the personal-use portion of expenses. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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