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I'm new to doing 1099 work and am curious, are there any big tax write offs in particular to look out for?

• rogerbinns 12y ago
  You need to find a tax person ASAP. Do not wait till the end of the year - do so immediately. They will tell you what records you need to keep, how detailed they are, as well as keeping track of the constantly changing regulations which can occur at federal, state, county and city level. For example my tax person required me to keep detailed mileage logs. In general you get to make the expenses of your business be pre-tax. Exactly how you count your home office/mortgage/bills has implications, and is likely your largest expenses. But your city/county may have additional requirements - eg wanting to tax your business use of the home. Only someone familiar with the area will know the right thing to do. In some cases the various rules are so bad that it works out cheaper to not follow some and pay the resulting fines, than to do things the right way. Again your tax person will know.
  • pimlottc 12y ago
    > Do not wait till the end of the year - do so immediately. Too late ;)