Best and Creative Self-Employed Tax Deductions

[Extralong]

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I have been lucky enough to have a good W2 job and have been doing plenty of 1099 work on the side. This is ideal for my situation. With that in mind, I am curious to know how creative we all are in tax deductions for 1099 work. Last year I wrote off a bunch of things, but wonder if I may have been able to do more.

My typical deductions include:
-Society memberships
-Malpractice insurence
-Adverisment
-Office supplies
-Utilities
-MOC fees
-Exam Fees
-Exam Board review courses
-License Fees/Renewals
-Home Space
-Milage if I do drive
-Work Phone
-Phone bill
-Internet

I wonder if anyone has any more ideas or have written off things that would be very valuable but uncommon.
-E

 

[Sushirolls]

No mileage, its too much of a pain, and doesn't count the drive to work or return drive to home.
Not doing home space, unless doing telepsychiatry in that space, might risk IRS issues.
Accountant
Lawyer
Retirement account will be your biggest reduction whether solo 401K or SEP-IRA, etc

Meals I believe are 50% deductible for meetings?

 

[sighchiatry]

Agreed. The best bang for your buck is in retirement accounts. I would opt for a solo 401k through your 1099 so that you don't run into issues when contributing to the annual Roth IRA.

The most psychiatry specific possible deduction is paying for our own psychotherapy.

 

[whopper]

Mileage can be okay if you have something that makes it easy like an app.
Dry cleaning but it has to be work clothes.
Computer and related stuff like a printer.
Food if you buy it for your employees. When can you write off meals on your taxes? | QuickBooks
I used to buy my receptionist lunch once a week.
You could rent out a room in your own house for an office and charge yourself rent. The issue with this is YOU HAVE TO ONLY USE THIS OFFICE ROOM FOR YOUR WORK and you have to generate income at that location.

 

[TexasPhysician]

Retirement accounts
Meals
Conference fees
Travel to conferences
Hotels at conferences
Employ spouse
Retirement account for spouse
Vehicle

 

[downwithDTB]

Employ spouse

Can you explain how one employs spouse and ends up with a write off that's an advantage? Does this change if you employ them w2 or 1099 or co-owner? What about if they are a licensed (related) professional (i.e. MD, psychologist, RN, LCSW, ect.) vs. not? Does your filing status matter? Thanks!!!

 

[TexasPhysician]

Can you explain how one employs spouse and ends up with a write off that's an advantage? Does this change if you employ them w2 or 1099 or co-owner? What about if they are a licensed (related) professional (i.e. MD, psychologist, RN, LCSW, ect.) vs. not? Does your filing status matter? Thanks!!!

Mainly to get the additional retirement accounts.

 

[deleted1042638]

In add'n to the standard stuff already mentioned, I hired my 2 yr old as a "corporate model" and maxed out a custodial Roth IRA for him and deducted the 6K. I might increase his salary to 12K in 2020 (or whatever the limit is where one needn't file a return) and put the other 6K in a CD.

 

[hebel]

In add'n to the standard stuff already mentioned, I hired my 2 yr old as a "corporate model" and maxed out a custodial Roth IRA for him and deducted the 6K. I might increase his salary to 12K in 2020 (or whatever the limit is where one needn't file a return) and put the other 6K in a CD.

What's a corporate model? You use his photo for an ad or something?

 

[Bartelby]

I think sometimes "creative" strays into tax fraud. I claim pretty much all of the stuff in the original post. As you get more aggressive with deductions I would recommend working with a good tax professional who can pump the brakes if you go too far.

That said, I do want to keep hearing ideas! I'm always glad to learn more legit tax strategies.

 

[deleted1042638]

What's a corporate model? You use his photo for an ad or something?

On my website. Yes, paid for his likeness. Pretty common way to pay your kids before they can do traditional work