Have you found a job you love but when tax season comes around you feel completely thrown off by the fact that you owe money or have lost your refund? The benefits of freelancing or being an independent contractor are the write-offs. A ‘write-off’ is a legitimate expense that can be deducted from your taxable income on your tax return. The pressing issue is many freelancers and contractors aren’t aware of what they can write off, how to track it, and finally report it to the IRS. With the correct records (i.e bank statements, recipes, accounting records etc.) you can write-off expenses such as: home office expense, cell phone, car expenses/mileage, internet bill, etc. Below you will find a great article that highlights the best tax tips for freelancers and independent contractors, and will have the tools to begin to reduce your tax liability!
10 Tax Tips for Freelancers and Contract Employees
[ninja_form id=10]
