Veterinarian side gigs

[vetgirl]

I am currently a relief veterinarian working through a company that schedules my shifts, and I do receive a W-2 through them. I also work vaccine clinics separately from this and receive 1099s. Can I claim mileage for my W-2 job or only for the 1099 jobs? Also, I attend veterinary conferences in order to fulfill my continuing education  credits to uphold my license. Can I deduct the conference expenses (i.e. flights, registration fees, transit, food, etc) from my 1099s as an independent contractor? Thanks!

[Katherine S 63]

Great questions!!

You can only claim expenses for the 1099 NEC/MISC jobs. 

And yes, on the 1099 NEC/MISC job, you can claim the veterinary conferences in order to fulfill your continuing education  credits to uphold your license.  And you can deduct the conference expenses (i.e. flights, registration fees, transit, food, etc) from your 1099s as an independent contractor.

I have a few links that I love and maybe they will help you understand income and expenses, estimated taxes and self employment tax (social security and medicare).

Self employment tax  Talks about social security and Medicare taxes

Self employment tax hub with calculator  Helps to answer questions and figure out if you need to pay estimated taxes

Self Employment income and expenses  Talks about income and expenses.

Since you are making income from 1099 NEC/MISC income, you might owe some taxes if you have not withheld enough from your W2 income.  I would suggest changing your W4 and add some extra withholdings on Line 4c.  This way you will not have to send in estimated taxes.  

W4 calculator

Form W4  Here is the actual form.  Look at this form and you will see line 4c.

Please give me a thumbs up if this was helpful.

Katie S.

[vetgirl]

Thank you!!

[vetgirl]

Just was reading through those links. So if I update the W4 for my full time W-2 (taxes withheld) job, then I no longer have to make estimated payments for my 1099 jobs, if I have them take out extra taxes to begin with? Can I still claim 50% of the self-employment tax as a deduction for my 1099 even if the additional taxes technically are withheld from my W-2 job?

[VolvoGirl]

Yes you can increase your W2 withholding to cover the self employment tax.   Yes you still get the 50% SE tax deduction on the Net Profit.

The SE tax will be included in your tax due or reduce your refund.  It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23.  The SE tax is in addition to your regular income tax on the net profit.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 15 which flows to 1040 line 10.

The SE tax includes what you already paid in from your W2s so your schedule SE tax will only be the difference up to the max amount of $9,114.00 for social security. The max income for social security for 2022 is $147,000 between W2 wages and the schedule C Net Profit.  If you also have W2 income, you have to break out the Social Security and Medicare taxes. Only the Social Security part maxes out.

For 2022 the max for Social Security is $9,114.00 on $147,000 of wages (147,000 x 6.2%).

For 2023 the max for Social Security is $9,932.40 on $160,200 of wages (160,200 x 6.2%).