- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1099 Write off question
Posted on 7/3/25 at 4:15 pm
Posted on 7/3/25 at 4:15 pm
So I have my normal job that I get a W2 from but I’ve got a side gig that I get a 1099 from every year. Is there anything that I could write off?
Never had a 1099 before so this is all new to me. All I’m doing is prospecting and turning leads over to the sales rep for that company. Pays for every place they sell and all I have to do is pass over a qualified lead and get paid once they go live.
I missed out last year but only made about 5k on it because I started late in the year.
I also get a car package through work but it’s a set amount and my car is electric so I don’t expense any gas for my W-2 job or the 1099. Also don’t get to expense part of my electric bill
Never had a 1099 before so this is all new to me. All I’m doing is prospecting and turning leads over to the sales rep for that company. Pays for every place they sell and all I have to do is pass over a qualified lead and get paid once they go live.
I missed out last year but only made about 5k on it because I started late in the year.
I also get a car package through work but it’s a set amount and my car is electric so I don’t expense any gas for my W-2 job or the 1099. Also don’t get to expense part of my electric bill
This post was edited on 7/3/25 at 4:20 pm
3
Posted on 7/3/25 at 4:16 pm to Rize
If you spend any money brokering the sales, sure
Posted on 7/3/25 at 4:22 pm to Mingo Was His NameO
quote:
If you spend any money brokering the sales, sure
It’s all restaurants so I typically just eat at 5 different places weekly and ask about the point sales system while I’m there. That and the electricity would be about it.
There is about a $4500 dollar difference between my car package and the $.70 per mile I drive. I think I used to do this back when I itemized so maybe I can do that again?
This post was edited on 7/3/25 at 4:25 pm
Posted on 7/3/25 at 5:38 pm to Rize
You can open a SEP IRA for the 1099 gig. Contributions would be deductible up to a certain amount. Just look at the IRS website and it’ll tell you how it works.
Posted on 7/3/25 at 6:19 pm to Rize
Schedule C
Posted on 7/4/25 at 10:10 pm to TX_Tiger23
quote:
SEP IRA
Why recommend SEP IRA over Solo 401?
Posted on 7/4/25 at 10:31 pm to Stateguy
quote:
Why recommend SEP IRA over Solo 401?
Can I even do any of that if I have a 401k at my normal job? My wife and I both have 401k’s, she has an IRA and I have a Roth.
I’m really kinda fricked when it comes to lowering my taxable income because my company limits me to 6% contributions. So I backdoor a Roth and invest in a brokerage account so I’m at minimum saving the $23,500 per year between the 3.
Right now I’m about 60% 401k and Roth and 40% that will be taxed capital gains at 20%. I expect my capital gains investments to grow way faster and surpass the other accounts.
So if I could dump the max from the 1099 gig into a sep ira or solo 401 that would be great.
This post was edited on 7/4/25 at 10:32 pm
Posted on 7/4/25 at 10:37 pm to Rize
Sorry - brainfart
I have 457 at work so I can have solo 401k with 1099 income
Rules for multiple 401k are more than I know. Can check white coat investor about this. A lot of docs have income from multiple employers
Having SEP IRA makes backdoor Roth IRA more difficult.
ETA White coat investor
I have 457 at work so I can have solo 401k with 1099 income
Rules for multiple 401k are more than I know. Can check white coat investor about this. A lot of docs have income from multiple employers
Having SEP IRA makes backdoor Roth IRA more difficult.
ETA White coat investor
This post was edited on 7/4/25 at 10:39 pm
Posted on 7/4/25 at 10:40 pm to Stateguy
quote:
Sorry - brainfart I have 457 at work so I can have solo 401k with 1099 income Rules for multiple 401k are more than I know. Can check white coat investor about this. A lot of docs have income from multiple employers Having SEP IRA makes backdoor Roth IRA more difficult. ETA White coat investor
It’s not a ton of money it’s only around 7k to 10k a year in income. Might not be worth all the trouble.
Posted on 7/5/25 at 8:52 am to Stateguy
You’re correct that a Solo 401k is usually the best choice for optimizing contributions and tax savings etc. But since this poster wa asking about write-offs I was trying to keep it more simple. A SEP is a bit easier to set up and administer but I agree, most times a Solo 401k gives you a more robust savings option.
Posted on 7/5/25 at 8:54 am to Rize
You can have a SEP IRA and a 401k. But the SEP would prevent you from doing backdoor Roth as someone else said. If you’re concerned with that. A SEP is very simple to open and administer.
Posted on 7/5/25 at 10:58 am to TX_Tiger23
quote:
You can have a SEP IRA and a 401k. But the SEP would prevent you from doing backdoor Roth as someone else said. If you’re concerned with that. A SEP is very simple to open and administer.
Yeah I like the idea of tax free money and got started a little late on contributing to my Roth so don’t want to screw that up.
This post was edited on 7/5/25 at 11:00 am
Posted on 7/5/25 at 3:17 pm to Rize
Just to be clear. You can still do normal Roth IRA contributions, 401k and a SEP. The SEP just affects the chance of doing “backdoor” Roth contributions.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News