Cumming, GA asked in Tax Law for Georgia

Q: I have both a W2 & 1099 from same employer. What kind of deductions can I take on the 1099?

I'm a physician & my W2 is for 40hr/wk. My 1099 is for weekends, depositions, medical narratives, misc.

Related Topics:
1 Lawyer Answer
James L. Arrasmith
James L. Arrasmith pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Tax Law Lawyer
  • Sacramento, CA

A: As an independent contractor receiving a 1099, you may be able to deduct certain expenses related to your work from your income. These deductions can help lower your tax liability and reduce your taxable income.

Some common deductions that may be available to independent contractors include:

Home office expenses: If you work from home, you may be able to deduct a portion of your home office expenses, such as rent, utilities, and internet service.

Business expenses: You may be able to deduct expenses related to your business, such as travel, meals, supplies, and equipment.

Health insurance premiums: If you pay for your own health insurance, you may be able to deduct the premiums you paid.

Retirement contributions: If you make contributions to a retirement plan, such as a 401(k) or IRA, you may be able to deduct those contributions.

Self-employment taxes: As an independent contractor, you are responsible for paying self-employment taxes, which are equivalent to the Social Security and Medicare taxes that are withheld from your W2 paycheck. You may be able to deduct a portion of these taxes on your tax return.

It is important to keep detailed records of your expenses and consult with a tax professional to determine which deductions are available to you and how to properly claim them on your tax return.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.