Question

taxes for self employed

Forum|Forum|1 year ago
March 25, 2025
1 reply
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I have a 1099 job this year. How do I know what my eligible self employment deductions will be?

DawnC

Employee

See the link below for both common business expenses and specific deductions available for specific industries.

Where do I enter Schedule C? Enter your 1099 income when you create your business return (Schedule C)

What self-employed expenses can I deduct?

Where do I enter my self-employment business expenses, like supplies and vehicle mileage?

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T

tdellenderAuthor

Thanks for that info! Can you please send more videos on depreciation of office equipment?

DawnC

Employee

When you purchase items for your business, you can either deduct the full cost of the expense at once, or you can deduct the cost over multiple years (depreciation). One-time expenses typically reduce your income by a larger amount than depreciating an asset over multiple years.

The De Minimis Safe Harbor election lets you deduct the full cost of items worth $2,500 or less, instead of depreciating. The election is available for Schedule C businesses, rentals, farms, and farm rentals.

For instructions on claiming the De Minimis Safe Harbor Election in TurboTax, see the TurboTax FAQ below and select your product.

Expensing Assets with the Safe Harbor Election

Taking Business Tax Deductions

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For items over $2500, you may be able to depreciate them 100% - but this is entered in the Assets/Depreciation screen. See Section 179 - Business Assets

What is MACRS and MACRS convention?

Reporting Self-Employment Business Income and Deductions

What Is the IRS Form 4562?

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