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While it can be difficult to read any type of tax form, trying to read the new 1099-K tax form can be even more complicated.
There are some tax deductions that are often forgotten about, or maybe not even known. Simple things such as business trips are part of this. So if traveling is a big part of your job, be sure to include that in your tax deduction. Something else you can use is if you are getting any training or schooling while you’re working. Some other examples include if you have invested in your retirement fun or if you have a home office.
While these are some of the ways you can get tax deductions, there are many ways you can get an even bigger deduction. Two major examples of this are if you have adopted a child or have alternative energy in your home.
This is only a brief explanation of the new 1099-K tax form. It’s important to really understand everything about it. If you don’t completely understand it, then you could be missing out on major tax deductions. If you’re as clueless as I was, visit outright.com to get more information about the form.