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re: 1099 Work Questions
Posted on 6/19/17 at 5:52 pm to ThatMakesSense
Posted on 6/19/17 at 5:52 pm to ThatMakesSense
1. you have to pay estimated taxes to state and federal quarterly.
2. you pay both parts of FICA (but you get to deduct half as self employment tax)
3. Mileage is a little tricky: IF you have a true home office, it's a little easier. You can deduct work related miles from office to site and back; but if you are a 1099 in name only and physically work at same site everyday it could be disallowed. Keep a mileage log that clearly explains your trips, dats and lies driven.
4. You can write of true business expenses. Country club dues and such are not really deductible. Meals with a business purpose can be deducted. Office supplies, etc. Keep receipts.
5. The best part is you can have either a solo 401K or a SEP IRA. Both are available through fidelity, TD amritrade or scwhab etc. Solo 401K allow you to contribute as employer and employee.
2. you pay both parts of FICA (but you get to deduct half as self employment tax)
3. Mileage is a little tricky: IF you have a true home office, it's a little easier. You can deduct work related miles from office to site and back; but if you are a 1099 in name only and physically work at same site everyday it could be disallowed. Keep a mileage log that clearly explains your trips, dats and lies driven.
4. You can write of true business expenses. Country club dues and such are not really deductible. Meals with a business purpose can be deducted. Office supplies, etc. Keep receipts.
5. The best part is you can have either a solo 401K or a SEP IRA. Both are available through fidelity, TD amritrade or scwhab etc. Solo 401K allow you to contribute as employer and employee.
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