I started a contracted position in November 2022. I’m part of a committee tasked with writing a text book (sounds amazing, I know). Since it was not the last two months of the year, am I still eligible to write off office space etc. on my taxes?

Comments

You must log in or register to comment.

phenry17 t1_j6dbvcs wrote on January 29, 2023 at 3:24 PM

#1,581,788

I would advise that you work with a CPA on this. I was 1099 for 10+ years working for myself.

There are plenty of write offs available, understanding them is a diff story. Milage, business expenses, home office, internet…all that. BUT, I would hire a professional to help, they will understand what you can and can’t do much fast than you trying to figure it out on your own, trust me.

hypotenoos t1_j6de499 wrote on January 29, 2023 at 3:40 PM

#1,582,156

Do you itemize?

TSUTigers95 t1_j6dgbw1 wrote on January 29, 2023 at 3:55 PM

#1,582,493

Contact a tax professional

United_Stable4063 t1_j6dhmzv wrote on January 29, 2023 at 4:04 PM

#1,582,724

Besides deductions look into opening a self-employed 401k. You can shelter a large percentage of your income via one of these. Also, in PA, the only deduction you can take due to the flat tax is a 529 plan contribution. So a combination of these can lower both your federal and PA taxes.