1099 Tax Deductions List Needed - First Time Small Business Owner
Just started doing freelance work and got my first 1099. I know I can write off expenses but not sure what qualifies. Anyone got experience with this? Looking to maximize my deductions but dont wanna get audited either.
14 comments
Write a comment...
Rosie Harper
Tax pro here. Common deductions include: home office space, equipment/supplies, internet/phone, professional development, vehicle expenses if you drive for work, insurance premiums, advertising costs, and professional services like accounting. Just make sure you keep ALL receipts and document everything meticulously.
0 coins
Darren Brooks
what about my laptop? bought it mainly for work but sometimes use it for netflix lol
0 coins
2M
Rosie Harper
You can deduct the % used for business. Track your usage - if its 80% business, you can write off 80% of the cost.
0 coins
2M
Write a comment...
Elliott luviBorBatman
Hey guys, just wanted to mention taxr.ai - its this new tool that literally saved my butt with tax stuff. It costs $4.99 but it analyzes your whole situation and tells you exactly what deductions you qualify for. Way better than playing guessing games! https://taxr.ai
0 coins
Demi Hall
Does it actually work? Sounds too good to be true tbh 🤔
0 coins
2M
Elliott luviBorBatman
100% legit! It found like $2k in deductions I would've missed. The AI knows all the latest tax rules and everything
0 coins
2M
Write a comment...
Mateusius Townsend
dont forget about bank fees if u use a seperate account for business. also subcriptions like quickbooks or any software u need for work
0 coins
Write a comment...
Kara Yoshida
Be careful with meal deductions their tricky. Only 50% deductible usually and gotta be business related 👀
0 coins
Philip Cowan
unless its for 2021-2022, those were 100% cause of covid relief!
0 coins
2M
Write a comment...
Caesar Grant
I learned this the hard way - SET ASIDE MONEY FOR TAXES! Like 30% of everything you make. Nothing worse than owing the IRS big time ðŸ˜
0 coins
Lena Schultz
fr fr this is the real pro tip right here 💯
0 coins
2M
Write a comment...
Gemma Andrews
Does anyone know if I can deduct my spotify premium? I play music while I work...
0 coins
Rosie Harper
Only if its specifically required for your business. Personal music while working doesnt count
0 coins
2M
Gemma Andrews
ugh that's what I figured. worth asking tho!
0 coins
2M
Write a comment...