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It can also retroactively go through your previous statements to find write-offs, so no worries if you download it in the middle of the tax year. If you download the app and connect it to your bank account, it’ll automatically identify and track eligible business expenses as you spend - ensuring you can make the most of your write-offs when it’s time to file.

There are tools out there to help you save money on your taxes by tracking your write-offs, like Keeper Tax! If all this feels like a lot to keep track of, don’t worry. Make the most of your write-offs with Keeper Tax And if you want a hand with the form, check out our guide to completing your Schedule C. Once you’ve got all of your write-offs sorted, you can fill out your Schedule C, which will determine your taxable income.

💻 Your laptop, computer, or other work equipment.

🏠 Home office deduction, if you work from home.

🏫 Training you take to improve your products, services, or business.

Depending on what kind of 1099 work you do, there are lots of other business expenses you might be able to deduct from your gross income during tax season.

Square fees are just one eligible write-off. (More on that in a bit!) You can use Box 10 of Part II, for commissions and fees. Once you have that number, record it with the rest of your write-offs on Schedule C.

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Here’s how to find the exact amount of Square fees you’ve paid: Do that, and your taxable income will better reflect the money that actually made it into your pocket. That’s because Square takes a cut when it transfers funds to your bank account.īut don’t worry! You can write off these transaction fees as a business expense. When you get your 1099-K, you might be alarmed to see a gross sales number higher than what shows up in your bank statements. One of those write-offs is Square fees! How to write off your Square fees That’s because you can deduct a portion of most business expenses from your gross income, helping you to hang onto as much of your earnings as possible.

Keeping track of the money you spend on your business throughout the year can have big money-saving benefits come tax time. This will lower your taxable income - and ultimately, your tax bill! Now it’s time to find eligible write-offs. Once you’ve got all of your (updated) 1099s together, they can help you add up your gross income from the year. Now, let’s talk about the most exciting step: finding your write-offs! Writing off Square 1099 business expenses

🔎 Double-check if you need to pay your taxes quarterly.

🧮 Calculate how much you should set aside for your 1099 taxes.

📝 Fill out Schedule C to determine your taxable income, which is total income minus your write-offs.

💸 Make a list of all your eligible write-offs - including your Square fees!.

🧾 Figure your total income and transaction information using your 1099-Ks and 1099-NECs.

The really good news is, you’ve already gone through Step 1: Now that you’ve got your Square-1099-K sorted out, the main steps of filing your 1099 taxes can be counted on one hand. The 1099-K is a form that documents how much self-employed people earn through credit cards and third-party apps - like Square.Īny payment processor that allows people to make business transactions on their platform has to send out 1099-Ks to all the freelancers and business owners that use it. Your Square 1099-K shows how much you earned in business income from Square in a year.