- write-off list and total amount - TC and location I just started a 1099 side gig @85/hr 150K TC on my W2, located in dallas tx items that I would include: - safaribooksonline, lynda, pluralsight, linucacademy subscriptions - office supplies and gadjets (ssd, etc) - cloud cost (aws and digitalocean test environments) - webex subscription
You can do the write offs as a sole proprietor with form 1040. For assets, take advantage of the Section 179 Expense Deduction, where you can write off the entire cost of the asset instead of depreciating it over x years. So I'll buy a new fancy laptop and use section 179 to write off the entire thing.
will look into section 179, thank you!
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Travel and per diem. If work at home exclusive home office. Also looked at setting up an LLC to setup your own 401k can easily move alot of money from tax to tax free till retirement. Though real answer here is talk to tax accountant.
thank you! yeah i thought about setting up LLC and i wonder what if i do this for 1year as non-LLC just to see the tax implications. And then setup LLC next year. btw i've setup a separate checking account for my 1099. so all earnings go there when i bill the client. yes will find a tax accountant
The tough part of it not being your primary income source is the standard deduction now is pretty high. So even with expenses you you'll most likely still end up using the standard deduction vs itemized