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Message
re: 1099 Work Questions
Posted on 6/19/17 at 10:02 am to Carson123987
Posted on 6/19/17 at 10:02 am to Carson123987
quote:
Put 40% of your checks in a savings account and don't touch it
Heard this from others as well. Basically is what I will pay when I report to IRS?
Concerning the vehicle, would I be better off purchasing, maybe possibly, leasing a newer vehicle in order to write-off depreciation value??..current vehicle is paid for so I'm not sure the depreciation would be relevant or worthwhile.
This post was edited on 6/19/17 at 10:02 am
2
Posted on 6/19/17 at 1:49 pm to ThatMakesSense
quote:
would I be better off purchasing, maybe possibly, leasing a newer vehicle in order to write-off depreciation value??
If you're tracking mileage you get to deduct a certain amount per mile no matter how old your car is. If it's really old you might even be making a profit by driving.
Posted on 6/19/17 at 4:48 pm to ThatMakesSense
quote:
Concerning the vehicle, would I be better off purchasing, maybe possibly, leasing a newer vehicle in order to write-off depreciation value?
Never do this. My CPA told me "buy a new car if you had a great year AND need one." I ignored her and bought a new one every 3 years because I'm a dummy.
You'll get to deduct mileage which is $0.55/mi or somewhere around there. You can make a killing if your vehicle is paid off AND reliable.
quote:
What do I need to do as far as tax purposes come for next year?
The most important thing is to keep good records. I set up a separate email where I could email pictures of work-related receipts, bills, invoices, etc. I would write a detailed subject line ie "New Tires receipt...". It was helpful when I started organizing my expenses for the year. Trust me: you'll forget about that $600 printer you had to buy in February unless you keep good records.
If you can save enough to pay quarterly, you're doing better than most.
This post was edited on 6/19/17 at 4:52 pm
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