Saving Money With Freelance Tax Deductions
Deductions = Dollars
Do you own a freelance business but have no idea what you can deduct? There are tax deductions out there for freelancers that make tax time a happy time.
1. Space in your home. If you use one space in your home solely for business purposes, you can deduct that space on your taxes. This means not only a space deduction but a deduction for a portion of the household bills as well. Make sure the space is solely used for business however before using this tax deduction for freelancers.
2. Mileage on your car. Miles you drive in your cars for business are deductible. The current rate is at least 55 cents a mile and that adds up quickly.
3. Food on the go. When you are out on those business trips you need you eat, right? The food you eat while out on business is also tax deductible for freelancers.
4. Supplies and repairs. Keep track of all the supplies your business uses throughout the year. These can be taken off your taxes for freelancers.
5. Outsourced labor. Did you pay someone to help you create a website, fill you website with content or work out those kinks in you website? This money is tax deductible for freelancers.
The preceding information is for use in the United States only. There are more tax deductions available just check out the IRS.gov website for all those money saving tax deductions for freelancers.
