I am planning on working a limited number of hours (12 hours/wk) as a '1099 contracted employee.'
I hear your whispers in the background, 'why on earth would I want to do this?' The opportunity aligns with my interests, comes with great flexibility in terms of scheduling and wont interfere with my retirement activities/plans. My DW is supportive of this venture. While not a driving force, the compensation is reasonable for the intended activities.
I understand 1099 contract employees are responsible for paying the full tax load (i.e. both portions of SS and Fed/State/Local income tax) and I understand expenses such as mileage would be legitimately deductible and easily recorded using the all inclusive IRS rate per mile. I would like to gain a better understanding of the following potential deductions for a 1099 contracted employee:
-> the potential of deducting some or all medical insurance premiums associated with my wife's post retirement/pre-Medicare coverage.
---> the prospect of deducting miscellaneous medical expenses such as RX/Optical/Dental cost sharing and provider copays.
Any insights will be appreciated. Thanks in advance for sharing.
I hear your whispers in the background, 'why on earth would I want to do this?' The opportunity aligns with my interests, comes with great flexibility in terms of scheduling and wont interfere with my retirement activities/plans. My DW is supportive of this venture. While not a driving force, the compensation is reasonable for the intended activities.
I understand 1099 contract employees are responsible for paying the full tax load (i.e. both portions of SS and Fed/State/Local income tax) and I understand expenses such as mileage would be legitimately deductible and easily recorded using the all inclusive IRS rate per mile. I would like to gain a better understanding of the following potential deductions for a 1099 contracted employee:
-> the potential of deducting some or all medical insurance premiums associated with my wife's post retirement/pre-Medicare coverage.
---> the prospect of deducting miscellaneous medical expenses such as RX/Optical/Dental cost sharing and provider copays.
Any insights will be appreciated. Thanks in advance for sharing.