Dear All,
I have a few various (small) sources of 1099 income including tutoring, book royalties, and Dr. Wise Money blog (still in the deep red in terms of net profit, but I find it rewarding and fun as a hobby and way to connect).
For those who are 1099/business owners, could you please share your best tax deduction ideas?
I'm thinking the following,
Also, aside from the item I can deduct against my profit from all my 1099 work (mostly in education & consultation in medicine & personal finance), what are the general requirements for IRS documentations?
Are receipts + meeting agenda sufficient?
I have a few various (small) sources of 1099 income including tutoring, book royalties, and Dr. Wise Money blog (still in the deep red in terms of net profit, but I find it rewarding and fun as a hobby and way to connect).
For those who are 1099/business owners, could you please share your best tax deduction ideas?
I'm thinking the following,
- Set up a home office since most of my 1099 work is done at home (blogging, tutoring on skype, etc.) & I can definitely make a dedicated space in my home
- Educational expenses such as conferences & retreats for myself and collaborators/blog contributors
- Invite my website contributors (sister "wise money shopper," daughter "mini wise money", etc.) to conferences, work meetings over meals & entertainment, etc.
- Travel expenses for me & my blog contributors
- child care expenses for my child when I'm at work (sometimes rendered by my dad)
Also, aside from the item I can deduct against my profit from all my 1099 work (mostly in education & consultation in medicine & personal finance), what are the general requirements for IRS documentations?
Are receipts + meeting agenda sufficient?
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