DEDUCTION QUESTION

It depends. The best way to report expenses to offset Form 1099-MISC is to file Schedule C. Click the article for more details: Does a 1099-MISC mean I am self employed?

To begin, report Form 1099-MISC and answer the questions to indicate that it is from self-employment.

• From the left menu, select Federal
• On the Wages & Income screen, scroll down for All Income and select Self-Employment and click show more and start.
  • Initial details will be entered. These general information details do not require a separate address or identification number. TurboTax will ask you a series of questions about the type of business you have and you will have a chance to look over everything before proceeding.
  • Clicking on Add more income, will take you to: Let's enter any additional income for your work
    • Select 1099-MISC and click continue to report the 1099-MISC as received
  • Clicking Add more expenses: Scroll through the list of expenses until nearly the end, where Contract Labor will be listed. Select this option and click Continue to identify the details for these payments.
    • If you paid more than $600 to any individual, then Form 1099-MISC should have been issued to them by January 31, 2020. How do I create W-2 and 1099 forms for my employees or contractors in TurboTax?

Click here for more details: How do I report income from self-employment?

It is a best practice to have the income earned online deposited in a separate bank from your personal bank. If not, I highly recommend QuickBooks Self-Employed to keep track of your income and expenses throughout the year. It is free for TurboTax Self-Employed customers for one year. 

You may also be interested to know about a few other deductions:

Qualified Business Income Deduction

Home Office Deduction

Tax Guide for the Self-Employed

IRS: Reporting Payments to Independent Contractors

IRS: Am I required to file a Form 1099 or other information return?

@LMF46