Posts tagged independent contractor
Common Tax Deductions for Construction WorkersRegardless of your trade in the construction industry, allowable tax deductions can lower your tax liability and possibly lead to getting a tax refund. You can deduct common expenses such as tools and...

Common Tax Deductions for Construction Workers

Regardless of your trade in the construction industry, allowable tax deductions can lower your tax liability and possibly lead to getting a tax refund. You can deduct common expenses such as tools and materials, and even certain other items that come in handy in your business or on the job. 

If you’re an employee for a construction company, rather than an independent contractor, and your employer doesn’t reimburse you for expenses on the job, your unreimbursed employee expenses are no longer deductible. Independent contractors generally have no limit on the ability to deduct work related expenses. See the full TurboTax article for details so you can plan ahead.

If you’re an independent contractor, you will typically have to report your 1099-MISC earnings on a Schedule C or C-EZ to calculate your net profit from self-employment. Watch this helpful tax tip video from TurboTax for more info on how to calculate your taxes on IRS form 1099-MISC.

(Source: youtu.be)

Are you a driver for a car sharing company, such as Uber or Lyft

Watch this TurboTax tax tip video for helpful information on filing taxes as a car sharing driver for Uber, Lyft and others.