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Topics discussed in the podcast include agency bonds, investing HSA money, factor investing, investing in India's stock market, moonlighting and tax deductions, tax efficiency of ETFs vs mutual funds, and deducting expenses for independent contractors.
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Quick takeaways
- Moonlighting as a 1099 independent contractor allows for deductible direct expenses related to work, such as computer hardware or internet costs, but remember to prorate expenses if you have both W2 and 1099 jobs.
- When considering investment options, ETFs may have tax advantages over mutual funds due to their creation and redemption process, but the choice should depend on factors like expense ratios, investment strategy, and personal preferences.
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Moonlighting and Tax Deductions
When moonlighting as a 1099 independent contractor, you can deduct direct expenses related to your work, such as computer hardware and internet costs. For your apartment, if a portion is used exclusively as a home office, you can deduct that percentage of rent and utilities. However, be cautious not to claim personal use as business expenses. When attending conferences, you can deduct expenses related to the main purpose of the trip, but claiming an entire vacation may be difficult to justify. It's important to prorate expenses if you have both W2 and 1099 jobs. Consult a CPA for accurate advice regarding deductions based on your specific circumstances.
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