Top 1099 Tax Deductions and Strategies for Independent Contractors

[@lilianaortiz-bermudez5278]

This video is helping me to educate my inmigrant community . They do feel secure to deduce many expense they have to earn that income. Thank you for the well done explanation it will benefit the community a lot.

[@JamesJGross-dt8gk]

Outstanding sir and thank you. I am a 1099 earner and have write-offs, but believed I needed to have an LLC. You’ve debunked that for me. You nailed this presentation for me, separating all aspects into categories, so clearly explained to me, a non-professional tax preparer. Thank you! I have subscribed and if I’m not finding the results as I think I should, I am very open to using your services. Nailed it for me! Thank you once again. Gross

[@carladillman4405]

This video is amazing, just started 1099 work since being laid off in February. So many questions answered here, THANK YOU! I'm going to look at additional videos to learn more about deductions.

[@mycpacoach]

Glad you found this helpful. Yes - please watch more of our videos. This channel was made to help people just like you :-)

[@sorryociffer]

EXTREMELY helpful and well presented! Thank You!

[@adriangarcia5419]

Good stuff, been working as a 1099 employee since feb & I’m trending 108k so this helped a million

[@mycpacoach]

Nice, I’m glad you found this helpful.

[@BlakeTyler-i6f]

What do you do? That’s a lot of $

[@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

[@DerekNelson7]

Thanks for the tips here! Very helpful to the 1099 lifestyle!

[@AiPhan-h8m]

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

[@AiPhan-h8m]

Thank you, sir !

[@jackiekryske9580]

Great information as always! Thank you!

[@Liane3181]

I work for myself. I do tutoring on Zoom and at students' homes. I wonder, after putting money in IRA, Can i also put some money in sep IRA to get more deductions? I want to keep my profit under the medi-cal limit so I don't lose my free health insurance. I really can not afford to buy health insurance. Thank you!

[@richardedet2718]

Thanks alot i almost got confused with write offs ..

[@brumph7256]

First and foremost the video was awesome and you are well versed and articulate. I am now a fan. Lol. I started an LLC this year and just got a 1099 contractor job. I also still have a part time W2 job that I hold on to because it’s easy money. Will I have any conflicts this upcoming tax season and how would I file this?

[@mycpacoach]

Thank you, I am glad you became a fan (lol). There is no inherent conflict in having a W2 and a 1099 job/LLC. You just want to make sure you use all available tax strategies to limit your tax exposure by as much as possible.

[@brumph7256]

@@mycpacoach Thank you!

[@salteycupcake]

In regards to Health Insurance, I live in Virginia and I'm unmarried: I'm a Registered Nurse and I have a full-time job that provides employee health insurance. I have a PPO plan, dental, and vision insurance. I also have a small LLC w/ S Corp designation. Can I write off or reimburse myself from the expenses I paid to maintain the medical, dental, and vision premiums? I keep the full-time job because of the medical benefits.

[@mycpacoach]

Yes, you could potentially accomplish this with an accountable plan.

[@tawkyoshItTT]

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

[@truckernerd1047]

I am a 1099 truck driver over the road. So I live in my truck. Wondering if you have a video for us

[@mycpacoach]

Nice, I work with a lot of truck drivers. Also, I think this video applies to you!

[@roxannegonzalez5223]

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

[@Junedove628]

Very helpful thank you

[@gscott4791]

I’m 1099 and in sales. Sometimes I am forced to split commissions. Are those splits able to be written off? Also, when a client gets a loan for the sale, I get less because of a 20% charge from the 3rd party loan vendor. Are any of these legitimate deductions I could use?

[@BullCityJ919]

Can you file for a loss for the first 3 years ?

[@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!

[@temiymahs_World]

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

[@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?

[@j.b.355]

As a Sole Proprietorship/Unincorporated Business do I need an EIN?

[@thepakcolapcar]

if an independent contractor receive a single 1099 payment anytime during a year, does it still get considered as an equivalent of 4 quarters of income and thereby gets counted as 4 points of total 40points requirement of ssa to be qualified fo ss?

[@TTailled]

So if I make 183,000 this year, gross income, I no longer qualify for QBI and would have saved a ton of money had I just made a few thousand dollars less in the year?

[@bigsalenow]

My friend is giving me $4800 check per month under 1099. And telling me to take 5% and give rest in cash. Will my tax deduction be more, and if yes what steps should I take. Is there any complications

[@crowdsfavorite4660]

I have a question. I have a vehicle with 160k miles and it needs engine replacement. Total repair with labor comes out to about 6k would I be able to write this off at the end of the year? Since I need the car to get to work

[@matthewstewart2140]

Yes, equipment/car repair is deductible. He's mentioned it in another vid

[@M_mcin]

Wouldn’t it be easier if we had a flat tax on consumption?

[@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

[@juantuku]

Any car salesman here ?

[@tfgrich136]

Can you help me.

[@mycpacoach]

Yes just book a consult on mycpacoach.com.

[@syedreza8722]

You're less obnoxious than Carlton

[@AustinBristow-g5w]

As a videographer, it’s bothering me that your voice and frame rates or not timed correctly 😬