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Overheard a guy at WeWork talking about his 1099-NEC and it hit me different
I was grabbing coffee in the Atlanta WeWork last Tuesday and overheard this guy telling someone he's been filing as a sole proprietor for 8 years and never tracked mileage once. That got me thinking about how much I used to just guess on deductions back in 2015 before I started using QuickBooks Self-Employed. Now I scan every receipt and log every drive, but hearing him talk made me wonder what else I'm probably still missing. Has anyone else run into a deduction they didn't know about for years?
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rosepark2d ago
Forgot about the home office deduction for years. My accountant finally asked if I worked from home and I felt dumb. Now I write off a chunk of internet and electricity every month.
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hunt.hayden2d ago
Man that mileage thing hurts to even think about. I missed out on like $3k in deductions my first two years because I didn't track anything. Home office deduction is another one people sleep on too. If you use a room just for work you can write off a chunk of rent and utilities. Also check if you're missing stuff like software subscriptions or even a portion of your phone bill.
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