Top 1099 Tax Deductions and Strategies for Independent Contractors

Learn the BEST 1099 Tax Deductions and Strategies, from a Licensed CPA!
Subscribe: / @mycpacoach
If you are a 1099 or independent contractor, then you have one of the greatest opportunities to reduce your taxes.
The tax law heavily favors business owners and the good news is that when you earn 1099 income, the IRS considers you to be self-employed.
This key characteristic opens the doors for you to take advantage of over 100 tax deductions and tax strategies that you can use to pay less taxes on your income.
As a licensed CPA, I have helped independent contractors reduce their taxes by thousands at mycpacoach.com and today I want to share the most valuable strategies with you.
You are going to learn everything from:
1099 Tax Benefits: (0:00)
What Is 1099 Income?: (0:49)
Biggest 1099 Tax Mistakes: (1:45)
What Is A 1099 Write-off?: (3:24)
20% Tax Write-off: (5:10)
Deducting Home Expenses: (5:58)
Deducting Car Expenses: (7:30)
Deducting Restaurant Meals: (8:45)
Travel Deduction: (9:52)
Health Insurance Deduction: (10:35)
How To CREATE 1099 Write-offs: (11:48)
1099 Retirement Plans: (12:05)
Health Deduction: (13:35)
Writing off Family?: (14:30)
Avoiding Self-Employment Tax: (15:40)
ALL. IN. ONE. VIDEO. This is literally a masterclass-grade video that can save you a ton of money, so go ahead and save this video and hit the Like button below so more people can find it.

[@tawkyoshItTT]

💯💯Awesome video!! I definitely learned something. Thank you!

[@jonahdelacruz-meyers1724]

Very helpful thank you

[@roxannegonzalez5223]

What is the low cost book keeping vendor you use? Don’t see it

[@christhenemesis926]

Hey Sherman, question, im an Uber Driver that just started Jan. 1st (2024). I know I have to pay Quarterly taxes, are these qrtly taxes State, Federal, and 1040-ES (IRS) or is the main one the IRS? Also, I track miles with Stride app and buy stuff for my car, do I add all of these expenses up and place that towards my next qtrly taxes or is this something I add up in total for end of year taxes while im on say TurboTax? Thanks!

[@cuteluxe2677]

if rideshare driver already used standard mileage method, what else expense could be write-offs for self-employed tax? Is it still file correction if ‘23 self-employed tax was already paid to IRS?

[@user-ko7mu8pf3e]

This is a great video. I’m 1099 contractor so I don’t pay taxes until I file my taxes by the end of the year. However I have to be pay tax penalties for 2033 because my CPA told me that I had not pay tax yet. So, how do I Avoid this tax penalty, sir? Thank you so much for your help.

[@mycpacoach]

Thank you. It sounds like you may not have paid your estimated tax penalties. Here are two videos to help you avoid this (and remove the penalties) - Estimated Taxes: kzbin.info/www/bejne/rZjVmHV9gr2Shas - Remove IRS Penalties: kzbin.info/www/bejne/oIC9YoV3oM2jepI

[@user-ko7mu8pf3e]

Thank you, sir !

[@jackiekryske9580]

Great information as always! Thank you!

[@temiymahs_World]

If I had a home repair prior to starting my 1099 can I still write off that repair?

[@adrianraygoza9221]

This video has convinced me that I need a CPA

[@mycpacoach]

A good CPA will always pay for themselves.

[@adrianraygoza9221]

@@mycpacoach Then I can write it off LOL

[@wealthyasamindframe1946]

What about a sep ira?

[@mycpacoach]

A SEP IRA can also be beneficial. We prefer a Solo 401K to a SEP as it allows you contribute more money with less income. Here’s a full explanation: kzbin.info/www/bejne/kF6qopVmaL2rZs0