January 11th, 2010 | 
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annabanana4883 asked:
I’ve been filling out the tax forms, and I worked as an independent contractor last year AND had a different job using a W2. I’ve figured out the taxes for the W2 job, and I think I’ve completed the taxes for the independent contractor job (using 1099-MISC and Schedule C). I’m just wondering it there are any deductions that can be applied to the self-employment tax. I’ve already made my deductions on business related expenses (car expenses, supplies, unpaid debt owed to me), but I was wondering if there’s anything else. I am eligible for the Lifetime Learning Credit, but from what I understand, that’s only deductible for the W-2 job.
I’ve been filling out the tax forms, and I worked as an independent contractor last year AND had a different job using a W2. I’ve figured out the taxes for the W2 job, and I think I’ve completed the taxes for the independent contractor job (using 1099-MISC and Schedule C). I’m just wondering it there are any deductions that can be applied to the self-employment tax. I’ve already made my deductions on business related expenses (car expenses, supplies, unpaid debt owed to me), but I was wondering if there’s anything else. I am eligible for the Lifetime Learning Credit, but from what I understand, that’s only deductible for the W-2 job.
Is there a way to claim dependents or exemptions from self-employment tax? I have two exemptions. If not, why is it that self-employment tax doesn’t use exemptions?
I know it’s a lot of questions…just trying to figure things out. Thanks!
The instructions provided by the IRS says to deduct any unpaid debts owed to you. Once they are paid, you add it to your income in the year they are paid IF paid.
Young Trostle
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