TAX LAW NOTES - Scroll for Notes 2, 3 and 4
Note-1 Some of the common 1099 forms include:
Note-2 Among those likely to receive a K-1 form are:
Note-3 Combined State/Local/Sales and property taxes
Note-4 Business and work related deductible expenses
- SSA-1099 those who receive Social Security
- 1099-MISC if you are self-employed and received $600+ from a client (gig economy)
- 1099-DIV if you received dividends
- 1099-NEC to report non-employee compensation
- 1099-G if you received money or benefits from the government
- 1099-K if you made third-party transactions (through PayPal or Venmo, for example)
- 1099-R for distributions from a retirement plan, IRA, pension, annuity, etc.
- 1099-INT for interest received
Note-2 Among those likely to receive a K-1 form are:
- S-Corporation shareholders
- Partners in limited liability corporations
- (LLCs) limited liability partnerships or other business partnerships
- Investors in limited partnerships (LPs) or master limited partnerships (MLPs)
- Investors in certain exchange-traded funds (ETFs)
- Trust or estate beneficiaries
Note-3 Combined State/Local/Sales and property taxes
- State/Local and Property taxes (real estate) are part of a combination of taxes whose total is taken as a single deduction. The maximum deduction you can take for the combination of 1 and 2 below is $10,000 (or $5,000 if married filing separately).
- State AND local income tax, OR sales tax
- Property taxes (real estate taxes + personal property taxes)
Note-4 Business and work related deductible expenses
- Mileage Logs
- Home office expenses
- Business utility costs
- Lodging receipts
- Meals/entertainment
- Education
- Medical
- Childcare
- Miscellaneous