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Question

1099 MISC deductions questions

Forum|Forum|7 years ago
June 3, 2019
1 reply
5 views

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

TurboTax Deluxe Online

A

Anonymous

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