If I don't have 24000 dollars in write offs or deductions should I bother filing them on my 1099?

tjlkc17 · ‎June 4, 2019

JulieCo · ‎June 4, 2019

Expenses for a 1099 MISC "self employed" business (Schedule C) are not limited by a $24,000 amount.

If you are thinking of the standard deduction for a joint return, which is $24,000, that deduction is separate from any expenses that you would deduct related to your 1099. Therefore, even by taking the $24,000 standard deduction on your return, you can also deduct the expenses for your 1099 MISC income.

See the steps below to enter your Schedule C expenses:

https://ttlc.intuit.com/replies/5802554

[Edited 4-12-19|4:09pm]

View solution in original post

JulieCo · ‎June 4, 2019

Expenses for a 1099 MISC "self employed" business (Schedule C) are not limited by a $24,000 amount.

If you are thinking of the standard deduction for a joint return, which is $24,000, that deduction is separate from any expenses that you would deduct related to your 1099. Therefore, even by taking the $24,000 standard deduction on your return, you can also deduct the expenses for your 1099 MISC income.

See the steps below to enter your Schedule C expenses:

https://ttlc.intuit.com/replies/5802554

[Edited 4-12-19|4:09pm]

If I don't have 24000 dollars in write offs or deductions should I bother filing them on my 1099?