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Self Employed 1099

Stan Gable

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Anything I should know if I will be briefly a 1099 income status for 2020? I understand some of the deductions available (home office, cell phone, internet, etc) and also the payroll tax liabilities (social security x 2, medicare). I opened a sep ira and will contribute the max 25%. Any forms I need to file prior to filing returns in 2021?
 
Anything I should know if I will be briefly a 1099 income status for 2020? I understand some of the deductions available (home office, cell phone, internet, etc) and also the payroll tax liabilities (social security x 2, medicare). I opened a sep ira and will contribute the max 25%. Any forms I need to file prior to filing returns in 2021?

Estimated tax payments.

Be careful with the home office deduction and substantiate all of your expenses.
 
Also you probably get that Sweet Trump 20% tax deduction if you're technically a self-employed business owner.
 
tag: bald men with no jobs and no money who live with their PARENTS, don't approach strange women
 
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look at deducting interest if you used credit cards to fund anything; depreciate your car if you use it for business; claim 199A deduction for sure if you can; haircuts not deductible despite trump's example.
 
Get all the tax forms necessary for filing 1099 income, especially those regarding deductions before you begin. Document everything with receipts and if mileage is deductible have a log with date, destination and miles. If you know the game beforehand you'll be able to max the benefits and minimize the liabilities.
 
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