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Leumas1981
Returning Member

New 1099 employee

Im a new 1099 employee and would like to know how to prepare for the tax season and what all I can deduct for my taxes

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1 Reply
erinm0717
Expert Alumni

New 1099 employee

Hello @Leumas1981 !  Happy to assist you!

 

Since you are now a 1099 employee, you will now have to file a Schedule C with your taxes.  You would report your income on here.  The good news is that you can also take some deductions as well.  Here is a great tool which can help you discover which deductions you can take: Self-Employed Deductions Calculator .

Here is another great link which lists some deductions you can take: Self-Employed Deductions .

 

You will also want to be aware of self employment tax.  In addition to income tax, this tax will be added for you on your tax return.  This tax comprises of a 12.4 percent tax for Social Security and a 2.9 percent tax for Medicare.  It is calculated based on your net self-employment earnings.  Here is a link which explains this in more detail:  Self-Employment Tax  

 

I hope this helps and feel free to follow up if you have further questions!

 

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