Went from W2 to Starting a Small Business

[Eugenia80]

I went from having a W2 to possibly 3 to 4 1099's in the 2021 tax year plus I am receiving unemployment and I took my assets from any 457B and retirement plans. Keep in mind everything I received was taxed before I got any money. I also have a ton of expenses that I can claim against also well such as travel, car expenses, gas, rent, utilities, supplies, internet and website hosting etc.... Based on all of this am I covered in terms of everything that I need to get a return?

[OpeA1]

Yes, it seems you are covered! Grab hold the 1099s, the W-2 and all those expenses and enter them into Turbo Tax and you are ready to file your return with confidence!

[conniem123]

Your refund will depend on your taxable income (which includes wages and profit/loss from your business), your tax, and then any credits, withholdings, and estimated payments you make for 2021.

If your credits, withholdings, and estimated payments are greater than your tax, you will receive a refund.

Keep track of your business expenses, and receipts, to prepare your Schedule C when you file your tax return.

Generally, a business expense must be ordinary and necessary to qualify for a deduction. Some common deductions can include communication costs, office supplies, licenses or permits, mileage, advertising costs, professional fees, liability insurance, banking fees, and health care premiums. 

What self-employed expenses can I deduct?

Hope you find this information helpful!