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Level 1
Jun 3, 2019 8:38 PM UTC
Question

1099 MISC deductions questions

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

1 reply

Jun 3, 2019 8:38 PM UTC

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. 

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