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1099 Work Questions
Posted on 6/19/17 at 9:54 am
Posted on 6/19/17 at 9:54 am
Starting a new job after the 4th. Will be 1099. Using my own vehicle, gas, cell phone, insurance, etc. etc. Will be using a truck, paid off already. Probably between 100-150 miles average a day.
What do I need to do as far as tax purposes come for next year? How much can I write off?
Thanks for any input.
What do I need to do as far as tax purposes come for next year? How much can I write off?
Thanks for any input.
Posted on 6/19/17 at 9:59 am to ThatMakesSense
Put 40% of your checks in a savings account and don't touch it
Keep a detailed mileage log
Every time you go out to eat or do something fun, save the receipt for Meals/Entertainment
Take the sqft of the biggest room in your house and use that square footage as your "home office"
Write off your internet and phone
Basically write off everything you do I did the above and saved 40%, and I ended up oversaving by a good bit
Keep a detailed mileage log
Every time you go out to eat or do something fun, save the receipt for Meals/Entertainment
Take the sqft of the biggest room in your house and use that square footage as your "home office"
Write off your internet and phone
Basically write off everything you do I did the above and saved 40%, and I ended up oversaving by a good bit
Posted on 6/19/17 at 10:06 am to ThatMakesSense
Keep everything. Get the mileage app for your phone. Using a CC or debit card makes it alot easier to track business spending at the end of the year. I'd get a dedicated business CC and put everything on it.
40% seems high, but not terribly high. Get with your tax pro and start making quarterly estimated tax payments.
40% seems high, but not terribly high. Get with your tax pro and start making quarterly estimated tax payments.
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.
Posted on 6/20/17 at 6:40 am to ThatMakesSense
QuickBooks online has a self employed online version, will cost like $10/mo. It can be connected to your business bank account, has a mileage tracker app, and has picture capture of receipts. This will make your life much easier... LINK
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