Other than the obvious tax write offs like a home office or business supplies, are there any other tax write offs you can think of for those who are WAHM on a 1099 income?
1099 income taxes are terrible, so I'd love if anyone could let me know about little known tax write offs as I always feel like I'm overpaying...
Ones I think people forget are
- % of utilities used for work
- gas/food for business trips
- convention tickets
- also tax deductions for medical
I used TaxAct.com to do my filings and they go through every line of the home-use of a business forms, which covers just about every write off possible. You also roll-over any deduction for using your home for your business that's left (if you don't make as much as the deduction would give you, because of a business loss), which has meant I don't pay any taxes on my biz. Mostly, that means it's cost more to run my business than I've earned doing it, which isn't great, but I already live here and already would be paying nearly the same in utilities anyway =)
Robin~ single, work-at-home momma to my WonderBoys
YoungMan (6/00) & LittleBoy (6/04)
I always used Turbotax Home and Business and it calculates all of that for you - super easy to make sure you don't overpay!