Going From 1099 to W2

[Mike358]

Hello,

In regards to tax year 2024, I have been working a 1099 job.  I just accepted an offer for a W2 position that will have a substantial increase in compensation.  Even though the year is half over by than, it's substantial enough that I think it may put me in a higher bracket between the two jobs.  My question(s) is this :

1.  What is the easiest way to calculate how much I will owe for the 1099 job.

and

2.  Am I able to write of expenses for the whole year (i.e, cellphone, internet, office supplies, etc.) ?   ..or just until the 1099 gig ends.

Thank you in advance for your help, and time.

[xmasbaby0]

You can enter business expenses on your Schedule C for the self-employment income that you report from the 1099NEC.  You cannot use job-related expenses from a W-2 job on a federal tax return.  

-W-2 employees cannot deduct job-related expenses on a federal return.  Job-related expenses were eliminated as a federal deduction for W-2 employees by the tax laws that changed for 2018 and beyond.  Your state tax laws might be different in AL, AR, CA, HI, MN, NY or PA.

If you live in a state that lets you deduct job-related expenses, the information will flow from your federal return  to the state return, so enter it in Federal>Deductions and Credits>Employment Expenses>Job-Related Expenses

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/employees-deduct-...

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_U...

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

[Mike358]

Okay, but I can still write off the biz expenses while I was 1099, right ?  I start the W2 job end of June, so I would think that for tax year 2024 Jan 1 thru my hire date at the new W2 is eligible to write off business expenses, right ?

[xmasbaby0]

That is what I said.  The business expenses from the self-employment go on a Schedule C.   The months during which you earned the self-employment income are irrelevant as long as you only use expenses from self-employment during the specific tax year for which you are preparing the tax return.