25 Tax Deductions for Freelancer
Freelancers often work hard for their earnings. But if they keep good financial records (including all those 1099s), and prepare their tax returns correctly.
These professionals can inform you on which expenses you can deduct from your business income, and which ones you can not.
Self-Employed Tax Deductions You Won’t Want to Miss
The Internal Revenue Service (IRS) guideline for freelancer tax deductions is that expenses must be ordinary and necessary.
One of the most common deductions for freelancers, in order to claim a home office on your taxes, the designated space must be used regularly and exclusively for business operations and must be the principal location where business is conducted.
The materials you purchase to work in your home office, such as paper, pens, pencils, pads, printer ink, staples, paper clips, etc, can typically be deducted at full cost as long as the items are used for business.
Hardware and Equipment
If you require specific hardware, such as a laptop, personal computer, tablet, or other types of equipment to run your business, these purchases may count as deductions.
If you have a website and pay fees for web hosting, these expenses can likely be deducted from your taxes.
Web Hosting and Online Tool
SWIPE UP TO READ MORE ON 25 Tax Deductions for Freelancer
Discover more from yourmoneygeek.com