W2/1099 Tax write offs
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  1. #1

    W2/1099 Tax write offs

    I recently started a new job and the split is different so i am now paid with a W2. At my old job I was paid with one W2 and one 1099, so i could do several write offs.

    Am I able to still have write offs with just a W2? I am being told i cannot.

    Thanks

  2. #2
    Join Date
    Jan 2016
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    2,642

    Re: W2/1099 Tax write offs

    sure write it all off whats the worse that could happen ..they audit you....

  3. #3
    Join Date
    Oct 2014
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    136

    Re: W2/1099 Tax write offs

    Quote Originally Posted by tx_rig_welder91 View Post
    I recently started a new job and the split is different so i am now paid with a W2. At my old job I was paid with one W2 and one 1099, so i could do several write offs.

    Am I able to still have write offs with just a W2? I am being told i cannot.

    Thanks
    You can take tax deductions for work related expenses of any amount that exceeds 2% of your gross income.

    So if you were to say gross $50,000 then anything more than $1000 spent would be deductible as long as you were not otherwise reimbursed for these expenses.

    The Internal Revenue Service allows employees to deduct their qualified business expenses as miscellaneous expenses on Schedule A of IRS Form 1040. If you are a W-2 employee, you will receive a W-2 tax return from your employer. Otherwise, you will receive a 1099 from your clients as a sole proprietor or independent contractor. The IRS allows W-2 employees to deduct business expenses if they exceed 2 percent of their annual adjusted gross incomes after accounting for reimbursements from employers.

  4. #4
    Join Date
    May 2018
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    Land of the Toxic Avenger
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    Re: W2/1099 Tax write offs

    I think you need to give Paul Manafort a call. He can advise you what to do.
    T man.


    15 + years working for myself, and by golly, I still don't know what I want to do when I grow up.

  5. #5
    Join Date
    Jun 2016
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    Re: W2/1099 Tax write offs

    Quote Originally Posted by T man View Post
    I think you need to give Paul Manafort a call. He can advise you what to do.
    I recommend ancient Galapagos tortoise Mig gloves. I'll sell you a pair for $4500 and provide a receipt.

  6. #6
    Join Date
    Dec 2010
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    SoCal-LA
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    Re: W2/1099 Tax write offs

    Bottom line, you are an employee with tax withholding done by your employer for both state and federal contributions. My advise, keep all of your receipts and write the occasion on the back. Store in a shoebox and present to your tax preparer.
    Weld like a "WELDOR", not a wel-"DERR"
    MillerDynasty700DX,Dynasty350DX3ea,Dynasty200DX,Th ermalArc400GTSW,LincolnSW2002ea., MillerMatic350P,MillerMatic200withspoolgun,MKCobra Mig260,Lincoln SP-170T,PlasmaCam/Hypertherm1250,HFProTig3ea.

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