1099 MISC deductions questions

christoforto — Mon, 03 Jun 2019 20:38:09 GMT

The only deduction I have is mileage, approx 1470 miles. Would this be worth upgrading to the self employment service turbo tax offers.

Yes, it probably is worth upgrading. But, it depends on y...

NancyG — Mon, 03 Jun 2019 20:38:10 GMT

Yes, it probably is worth upgrading. But, it depends on your situation. Your miles are worth a standard mileage deduction of $794 (1470 @ $ .54). I do not know what your income tax rate is. However, it also lowers the amount of net earnings from self-employment subject to self-employment tax (15.3%). In addition, you may have other expenses that you will be able to claim by upgrading to the self-employment edition.

Additional Resources:

What Tax Breaks can I get for my 1099-MISC?

Reporting Self-Employment Business Income and Deductions

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1099 MISC deductions questions

Yes, it probably is worth upgrading. But, it depends on y...