Are you a 1099 contractor making $20K–$70K? You could be handing the IRS way more than you owe. In this video, CPA Fred Passelli breaks down the tax planning moves that actually matter at this income level — and the deductions most contractors forget to track. What's covered: Why 1099 income gets hit so hard (self-employment tax + income tax) The deductions to track all year on your Schedule C — mileage (76¢/mi), supplies, electronics, software, assets, meals & travel When an S-corp makes sense (and when it doesn't) Whether you'd be better off as a W-2 employee 🔔 Subscribe for more tax and bookkeeping tips for small business owners. Disclaimer: This video is for educational purposes only and is not tax, legal, or financial advice. Consult your own CPA about your specific situation.