As a 1099 contractor, you can deduct all ordinary and necessary expenses related to your business. Here are some of the most common 1099 write-offs:
- Advertising expenses
- Auto expenses
- Business insurance premiums
- Contributions to retirement plans
- Health insurance premiums
- Home office expenses
- Interest on business loans
- Legal and professional fees
- Office expenses
- Phone and internet expenses
- Supplies and materials
- Travel expenses
- Meals and entertainment expenses
- Education and training expenses
- Depreciation of property and equipment
- Tax advice
Its important to note that not all expenses are deductible, and some may have limitations or restrictions. For example, car expenses can only be deducted if they are used for business purposes, and there are limits on the amount of depreciation that can be claimed for certain types of property. Additionally, some deductions may require you to fill out specific forms or meet certain criteria. Its always a good idea to consult with a tax professional to ensure that you are taking advantage of all the deductions you are eligible for.