(Please note, I am not a Certified Tax Planner, nor do I play one on TV. And, as far as I can figure, neither is Thursday Bram, who wrote the article I'm linking. Please research any of these ideas before putting them into action on your tax form.)
If you're a Freelancer, your new favorite bookmark should be Freelance Switch. Our Account Manager Monica, who was freelancing for years, just pointed out their Rates Calculator which helps you figure out, when you work at home, figure out how to bill for your time based on costs like legal fees, office supplies, cleaning fees, etc. (Cleaning fees? Really?)
They also have a terrific article on 10 Tax Deductions Freelancers Can Make. It's a good starting point (please see my caveat above) and may have ideas you hadn't thought of: unpaid invoices, PayPal fees, payments to non-profits.
I tell you, it's enough to make you want to go out and kiss the IRS.
Figuratively.
If you're a Freelancer, your new favorite bookmark should be Freelance Switch. Our Account Manager Monica, who was freelancing for years, just pointed out their Rates Calculator which helps you figure out, when you work at home, figure out how to bill for your time based on costs like legal fees, office supplies, cleaning fees, etc. (Cleaning fees? Really?)
They also have a terrific article on 10 Tax Deductions Freelancers Can Make. It's a good starting point (please see my caveat above) and may have ideas you hadn't thought of: unpaid invoices, PayPal fees, payments to non-profits.
I tell you, it's enough to make you want to go out and kiss the IRS.
Figuratively.
Tim, Thanks for linking to my article on Freelance Switch. You're right — I'm not a tax professional personally. I did check in with a CPA about each of these deductions, but she was careful to note that freelancers (or anyone) should check with their tax preparer to review their individual case.
Wow, I love a thorough writer! Thanks for stopping by and for giving me the skinny on the tax laws. My wife owns her own business and is an S Corporation, so I always leave the deductions it to our tax guy. Maybe that's the cheater's way out...