So I need to gather up receipts for the time I've been 1099 then. I'll probably take all this to H&R block and just not deal with it. I'm hoping I'm paying enough taxes on my W-2, I'm claiming 1 dependent but have a wife who takes care of our son so there should be some offset there. Plus I only just started the 1099 job in October. What if I bought the PC a couple years ago but now it's solely used for business? Can you only claim items you've purchased while hired as a 1099? The reason I ask is because I read something about computers and peripherals being some kind of 5 year property.
Thanks for the help! On Thu, Jan 20, 2011 at 12:02 PM, Judah McAuley <[email protected]> wrote: > > Generally speaking, yes, you can deduct parts of those bills for your > home based business even if you are on a W-2. Your non-W2 income will > go on a schedule SE (self employed) to figure out your business income > and those expenses will be dealt with over there. Business-related > expenses for a home office can either be treated as costs of 100% for > things which are exclusive use (you bought a computer that is only > used for the business, business cards, etc) or shared expenses, like > rent, gas, electricity, etc. For the shared expenses, you usually > figure out the percentage of the house that is devoted exclusively to > business use and use that percentage toward the shared costs. So if > you have a 200 sq ft room dedicated exclusively for business use and > you have a 1000 sq ft apartment, it would work out to 20% and you'd be > able to count 20% of rent as a business expense, etc. > > Cheers, > Judah > > On Thu, Jan 20, 2011 at 5:51 AM, Greg Morphis <[email protected]> wrote: >> >> I'm a full time w-2 and a part time 1099 - (20 hours a week with 1099). >> I use one room of my apartment for my office, have my PC in there for >> my 1099 work. >> Will I be able to deduct some of my rent, gas, electricity, internet >> from my 1099 income or since I'm also W-2 will I not be able to? >> >> > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:333613 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
