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Business & farm
Thanks Opus - yeah I realize that you can't deduct job expenses from the W-2 income, this would all be related to the 1099 income. Instruments, website fees, strings, picks, mileage to gigs, part of my phone bills that are used for business purposes, etc.
I've always deducted these kinds of things in past years, but it looks like to be able to do it this year I will need to classify myself as a small business/sole proprietor, as the new tax code limits unreimbursed job expense deductions to 2% of your AGI. I suppose I never realized that I wasn't a small business before; I'm not sure if Trubotax classified this as hobby income or what.
I've used TurboTax Deluxe in past years, which I now understand only covers schedule C income, but not schedule C deductions. I've upgraded to TT self-employed, hopefully this will allow me to do what I need to do do claim these deductions. They're kind of a lot, including my mortgage interest maybe 10 or 15k more than the standard deduction!
Thanks for your answer, I do appreciate you helping out!
I've always deducted these kinds of things in past years, but it looks like to be able to do it this year I will need to classify myself as a small business/sole proprietor, as the new tax code limits unreimbursed job expense deductions to 2% of your AGI. I suppose I never realized that I wasn't a small business before; I'm not sure if Trubotax classified this as hobby income or what.
I've used TurboTax Deluxe in past years, which I now understand only covers schedule C income, but not schedule C deductions. I've upgraded to TT self-employed, hopefully this will allow me to do what I need to do do claim these deductions. They're kind of a lot, including my mortgage interest maybe 10 or 15k more than the standard deduction!
Thanks for your answer, I do appreciate you helping out!
‎June 4, 2019
6:30 PM