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Independent Contractor Must Know About 1099 Tax Deductions

If you earn money as an independent contractor, the IRS considers you as a “business of one”. It is similar to a company that withholds the taxes automatically from the employee’s paychecks; here you need to withhold your own taxes. Having said that the independent contractor is like a business of one, you also get the expenses deductions such that you can lower the tax amount you pay to the IRS. You can itemize the deductions that...