All Questions
Tagged with self-employment tax-deduction
46
questions
1
vote
3
answers
239
views
Can I write off a car that will be used for reverse engineering and product testing?
I am an electrical engineering consultant (self employed) helping a client develop an accessory for Electric Vehicles. I need to have an EV to reverse engineer some of the protocols, and to test ...
- 111
0
votes
2
answers
327
views
Can I make a trip tax deductible if it is for personal development?
I'm a part-time software engineer, and I want to go to the Bay Area to meet people I've only met online, do networking, meet my employer and former employer in-person, etc. However, it's a trip I'm ...
- 11
1
vote
1
answer
53
views
Self-Employment: is equipment deductible as part of the home office deduction, or as a separate deduction?
I have a side gig and am setting up a separate home office area for exclusive side-gig use. I intend to take the home office deduction, but am not yet decided if I'll calculate it the simplified way (...
- 427
1
vote
1
answer
67
views
US: carrying forward home office deduction
Business expenses in excess of business income can't be deducted the same year but can be "carried forward" and deducted in future years. However, based on a plain reading of rules regarding ...
6
votes
1
answer
378
views
Do freelancers who receive a W2 qualify for home office tax writeoffs in the US?
Last year I freelanced year round in the U.S. For work performed from Jan-Oct I received a 1099-NEC (Non-employee compensation tax form) from my clients. However, from Nov-Dec I worked for a new ...
- 213
3
votes
1
answer
139
views
Health Insurance Premium deduction for Husband/Wife LLC
Assume the following situation:
My wife and I own a LLC in a community property state. (50/50)
We are self-employed and have no employees.
Under this arrangrement, business income flows through to ...
- 119
3
votes
1
answer
144
views
Tax deduction working from grandparents home
I am a self employed freelancer, and received several 1099-NEC from my clients. I live and work from my grandparents home (for free), and also care for them (for free), and was wondering if this would ...
- 133
5
votes
2
answers
1k
views
Can I deduct travel expenses even if I received a W-2?
I have a full-time job. I also work as a freelance musician playing for local theaters. One of the theaters I work for is in another city and they gave me a W-2 for the ~$1000 I made in 2020.
...
- 153
2
votes
1
answer
70
views
Can the expense of one sole proprietorship be written off against the profit of another
I have a successful rental business, it's regularly profitable and it's an llc
If I start another business, and that business records a loss for the year, can I write off that loss against the profits ...
- 2,964
0
votes
1
answer
76
views
Actual Expense method vs mileage method self-employed
If I were to fill up gas for Postmates does the actual expense method mean whatever I paid for gas, that exact money will be returned back to me when filing for taxes? If I do this method could I also ...
- 127
-1
votes
1
answer
165
views
Reduce Self Employment Tax
Thanks for looking into my post.
I am an independent contractor and I don't have any LLC or company.
Currently, I am paying 26% on the self employment tax even after contributing to SEP IRA.
Is ...
- 11
2
votes
2
answers
248
views
Why am I not allowed to take the insurance premium deduction for a marketplace plan?
I just finished my 2019 taxes using TurboTax, and I'm pretty confused about one detail. I am self-employed, and during the portion of the process where I listed my business expenses and deductions, ...
- 193
0
votes
2
answers
149
views
Total Income tax and self-employment tax
I worked as a full time employee (W4 taxes were deducted by the employer) and I was self-employed (independent contractor - 1099MISC i.e. no taxes were deducted by the employer) for some months of the ...
- 693
-1
votes
1
answer
544
views
Is it true trips for YouTubers are tax deductible, while investment research costs are not?
In USA, for a YouTuber who earns US$60,000 per year for making Pokemon Go videos on YouTube and takes about 8 trips to Japan, Europe, Taiwan, Chicago, sometimes not because there is a Pokemon Go event,...
- 1,593
1
vote
1
answer
103
views
Self assessment: Entering in sideways loss relief from previous year
Any one au-fait with Self Assessment?
I am not sure where/how to fill in the online self assessment form to do this:
Claim previous year's losses in one business to claim relief on this years ...
