I am on the board of directors for a company (c-corp) that I work for. I get a W-2 with withholdings and I also get a 1099-misc for nonemployee (board of directors) compensation. I also have a small consulting business for technology and business guidance - type of work.
My question is – can I run
the 1099-misc through the consulting business to decrease my tax liability with
business expenses and other business tax reduction methods?
Reply : infotaxsquare.com
Yes, all legitimate expenses
can be claimed against business income.