Tag Archives: 2014 form 1099

Independent Contractors Often Overlook Number Of Deductions As Applicable In Form 1099 And It’s For Their Look Of These Tips For Tax-Savings

One can save on medical expenses cost which is dollar to dollar deductions. This can add up quickly to save money for independent contractors when they make medical expenses out of pocket.

Independent contractors can deduct a standard mileage rate for every time when they used their car towards business. But it is always safe to keep a detailed log in their car to justify deductions in case of an audit.

E-file Your 1099 Form Through our website Etax1099.com – IRS Approved E-filer

If independent contractors or entrepreneurs have their home as office then they are allowed to deduct a portion of the rent or mortgage. The amount is based on the percentage of their home that is a dedicated home office size of space and other rules will apply. The deduction doesn’t end with what one pay for the space, however, they can also deduct a percentage of the utilities and homeowner’s or renter’s insurance.

Src: Flickr

With regard to business gifts, independent contractors are allowed to spend $25 towards presenting a bouquet of flowers towards client’s visits and are absolutely and totally deductible. In case of entertaining with a bottle of scotch at $100 for the clients or new business prospects including the fellow contractors and entrepreneurs, $25 is deductible. One should have bills to justify accounts and be preserved during an audit.

Concerning Business travels, Independent contractors have upper hand in claiming most of their deductions during their business travel. They can deduct most of the costs made towards business cause. However the personal expenditures of buying things for their homes during business visit will be disallowed and there are more such exceptions. Tax professional can guide Independent contractors to the right way of tax deductions especially for frequent business travels.

Independent contractors and entrepreneurs, Have all your bills intact for all your exact deductions before you e-file your IRS form 1099 through IRS certified service partner http://www.Etax1099.com

Don Charisma

because anything is possible with Charisma

The Keystruckers

Our Life On The Road

Matt on Not-WordPress

Stuff and things.

E-file IRS Form | Federal Tax Forms | HVUT 2290 Form | 1099 Form

Get information on all IRS related tax forms like, form 2290, form 1099, 4868, 990n and more. Get expert advice on efiling your tax through IRS approved e-filing service provider,

%d bloggers like this: