- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, the mileage usage is deductible as business expense, if standard mileage is used rather than actual expenses. There are some tax forms for self-employed individuals that aren't available yet. The IRS has not finalized some of 2020 tax forms. You may login back to your account and recheck your data entry.
Yes, you're correct. If you received 1099-NEC and the broker deducted the commission as a result of a seller/buyers credit, you report the net income on your income tax return. On the other hand, If the amount received was the gross amount, deduct the amount of credit as business expense.
‎February 2, 2021
2:51 PM