Top 25 1099 Deductions For Independent Contractors
Being a part of the gig economy comes with a host of benefits but those benefits come with the added responsibilities and costs. Business taxes can be quite tricky. While the legislation includes numerous tax codes to offset many of the expenses associated with working for yourself, understanding what deductions to take on your tax forms can feel daunting.
Don’t sweat getting a form 1099-NEC. Here we will do a dive deep into tax deductions other than your typical office supplies. To shed some light and make itemizations a little less “taxing,” Keeper Tax has compiled a quick summary of deductions you might qualify for, and should be sure to take, in order to minimize your costs and maximize your success on your tax return.
- 1. Self-employment tax
- 2. Home office expenses
- 3. Internet, cell phone bills, laptops, and gadgets
- 4. Rent
- 5. Business insurance
- 6. Startup Costs
- 7. Professional and legal fees
- 8. Advertising
- 9. Retirement contributions
- 10. Training and education
- 11. Casualty and theft losses
- 12. Charitable contributions
- 13. Home mortgage interest
- 14. Other loan interest
- 15. Medical and dental expenses
- 16. Paying the babysitter
- 17. Miscellaneous business expenses
- 18. Senior tax deduction
- 19. Earned Income Tax Credit
- 20. Unresolved debt
- 21. Meals
- 22. Travel
- 23. Vehicle use
- 24. Memberships, publications, and subscriptions
- 25. Sales tax
Here’s one of my very best tips for specific industries…….. Open Google and enter- ” Common deductions for _________ (your industry) and get to lugging. Just make sure you have the receipts to back it up. Easy Peasy -right? Okay, now, get to work! The 18th will be here in no time!
Grab These: QuickBooks
If you need further consultation on your taxes, just message me. I’ll help for a small fee. KP International Finacial Services.