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RE: Tax AMA - 2018 Tax Season - Ask Me Anything
@josephsavage Is your advisor helping you consider other costs deductible against Steem earnings outside of promotion (the cost of your equipment, the home office allocation if you are working from home, etc.)? As well as the 20% deduction on qualified business income for Schedule C and pass-through entities. Just food for thought :).
@roleerob As far as everyday users, some individuals are operating as a "hobby", not at trade/business, so the different rules apply (Schedule C wouldn't be filed in this case).
Yes of course, and even the appropriate deductions for travel expenses for the Steem-related conferences that I attended last year.
The 20% deduction I don't remember if we discussed last year but I will check on it this year.
It's called 199A, depending on your personal situation certain mechanical limits kick in based on W-2 wages, business assets and classification of the line of business, but some taxpayers can skip all the limits and claim the benefit, all depending on personal situation and single vs. married.