#474 Received a 1099…What next?

How to effectively reduce the income from a 1099 by deducting legitimate expenses.

Debunking misconceptions about 'under the table' income, stressing that all income, regardless of how it's received, should be reported to prevent legal issues.

Explanation of how to report income from a 1099 using Schedule C, and the importance of understanding your entity structuring.

Detailed discussion on various write-offs like home office, auto, dining, travel, equipment, and supplies, and how to track and gather data for these expenses.

Insights into other non-cash expenses that could be deducted, like hiring your kids in your business, and how this strategy can help reduce your taxable income.

Overview of the next steps after reducing taxable income, which includes building tax-free or tax-deferred wealth through retirement accounts.