2006-07-10 16:19:36 · 5 answers · asked by quinnthebeautiful 1 in Business & Finance ➔ Taxes ➔ United States
1099 usually means you've been self-employed, so whatever expenses have been used for business purposes can be written off.
Do you use your car to make money? Then gas expenses and car amortization is an expense?
Do you meet customers and pay for their lunches? Write off those lunches then.
Do you have an office that you work from? Rental fee for the office can be written off as well.
2006-07-10 16:23:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you are an employee getting a 1099 your employer should be taking out taxes and especially paying half your social security. That is why they are giving you a 1099. That way you have to pay all your own Social Security. But if you take it as a business you can deduct a part of your home if you have a particular room that you work out of. If you go into the IRS sight it will give you a list of what you can deduct. Just realize that what ever you end up for income after deductions you have to pay 15% towards social security besides Federal taxes and state taxes if you have that in your state. It can really hit you hard if you are not paying Quarterly taxes.
2006-07-10 18:26:48 · answer #2 · answered by dldouc 2 · 0⤊ 0⤋
Employees get a W-2 earnings statement, not a 1099 form. If someone gets a 1099, then they are an independent contractor, not an employee.
2006-07-10 16:51:43 · answer #3 · answered by rockEsquirrel 5 · 0⤊ 0⤋
Anything any small business can write off, since a 1099 can be considered a business of one employee. Travel expenses, advertising costs, etc.
2016-03-15 22:27:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
i cannt list all because i dont know all of the stuff. but i know you can write off tools to a certain amount, and gas, and the distance to a job over so many miles. keep reciepts on gas and tools..
2006-07-10 16:25:04 · answer #5 · answered by _123456_ 3 · 0⤊ 0⤋