What Tax Deductions Can A 1099 Take

Becoming a 1099 independent contractor can be extremely daunting time when you are handling your own finances. Many 1099’s don’t think about how the will handle paying estimated taxes, whether they should set up a corporation, or even what deductions they can take. In this episode of What Ted Says, I will show you 14 different deductions that a 1099 can consider taking and the best way to track that in your business. Always consult a CPA or use a major tax software before taking any final deductions.

[jbarres]

Just left a job and became 1099 I’ve been using QB to keep track of everything

[dimitargerov]

Thank you! I've been selling on the internet for the past year and made some good money. Big mistake I didn't open an LLC.

[Bacardibombillo]

Gasoline to and from job?
Purchased a car to get to job?(payments)
Clothes?

[haydenanderson]

Can I choose to do standard mileage deduction for my transportation and do itemized deduction for other things like membership fees, accountant fees, phone bill, etc?

[pashaniane]

As a 1099, can you get the standard deductions PLUS itemized deduction?

[kmgs]

What if I don't have receipts? I'm a dog walker and can I submit those miles that I wrote on Excel and show it as proof to get a reduction?

[CAPITAL_KB]

This is my first time dealing with a 1099 and I'm unsure where to begin. What steps should I take upon receiving my first check? Is a business account necessary? I would appreciate guidance. Do you have a video addressing this topic for first-time 1099 recipients? Also do I need to put the 1099 under my llc?

[kitkarson]

Hi Ted, I see 1099 MISC and 1099 NEC. Are these deductions applicable for both types?

[pesca]

Does putting money in a Roth IRA count?