1099 tax help.

Everybody always forgets depreciation. Want to get paid for the value you lose on your equipment.

 

Hopefully IRS will not come with audit or you will be nailed.
I can't understand why in cyber era we have to keep all this junk receipts for so many years.

 

Unless you’re Amish, you pay SS.
This is why 1099 employment is only a win for the company. They don’t have to pay the match, you do. You also have to pay Medicare, not sure what that percentage is.

FYI, under a w-2, you pay 7.5% for FICA. the employer matches that amount. As a 1099 you are self employed, which means you pay.

 

In all seriousness you pay your estimated taxes, and then deduct your expenses as dictated by the schedule C.

 

The calculation is simple Gross Income - Deduction (write off) = Net Income the summ you have to pay taxes on
Bigger write off = Less Net Income = less taxes you owe.

 

Out of curiosity, how much are you paid per mile on 1099?