Quote:
Originally Posted by RickFLM4
I am also self employed / independent contractor. You didn't see a benefit from 199A?
What types of business expense write offs was he referring to?
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Nope, unfortunately I saw zero. My accountant ran the numbers three times, he was very surprised.
The write offs he was referring to were mileage and travel for his job. If I remember correctly, the problem is that he's a W2 and was paid mileage and travel by his employer in his regular pay check. By losing the deductions, it was all taxed as regular income so he got smoked both ways. The accountant advised him to work with his employer going forward, and to be paid straight pay for his expenses going forward outside of his regular paycheck.
I'm not sure I got that all correct, but my accountant mentioned clearly that very few people were happy with the way things were going tax wise this year. I'm in Missouri, which is solid red country, and people are not happy about this at all.