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What percentage of these workers benefit from itemizing deductions? This seems very helpful if you're itemizing, but I thought most people will just take the st
by myroon5 8y ago
What percentage of these workers benefit from itemizing deductions? This seems very helpful if you're itemizing, but I thought most people will just take the standard deduction, especially after the recent standard deduction increase.
- pkoullick92 8y agoGreat question! Lots of components here. In short our stance is that 99% of contractors should itemize at least some of their expense write offs. What about the standard deduction? https://blog.keepertax.com/posts/should-i-still-track-expenses-for-part-time-1099-work https://blog.keepertax.com/posts/should-i-still-track-expens... Mileage vs. actual car expenses: https://blog.keepertax.com/posts/should-i-claim-mileage-or-actual-car-expenses https://blog.keepertax.com/posts/should-i-claim-mileage-or-a...
- myroon5 8y agoThat first article is fantastic. Especially the personal vs. 1099 deductions chart. I'd love to know what else falls in "... and so on", but I guess that's where your service comes in :)
- pkoullick92 8y agoWoohoo! Yeah part of our ethos is to make taxes easier to understand for everyone so we put effort into our content. We do list out tax write offs for different types of contracting work on the blog as well, but we don't go very deep into personal write offs since it doesn't matter much unless you're part of the 1%.