There are various deductions that freelancers and self-employed workers qualify for if they file Schedule C or Schedule C-EZ. If you were self-employed during the previous year or earned any freelance income on the side, remember these five tax breaks:
- Equipment & Supplies
You can deduct the costs of any office equipment you buy, like computers, printers, filing cabinets, etc. Even smaller office supply items like printer ink, pens, and paper are deductible.
You can deduct the costs of marketing and advertising. This includes supplies for print advertising and the costs of mailing and shipping.
- Professional Fees & Education
If your business incurs any legal or accounting fees, you can deduct those and any professional organization dues. You can also deduct educational items such as subscriptions to trade publications and additional training in your field.
- Business Trips and Travel Expenses
If you need to travel for business, you can deduct costs associated with the trip – plane tickets, rental cars, and hotel costs. Don’t forget smaller travel expenses, like parking, tolls, and baggage fees. Typically, you can only deduct 50% of business meals, however, those receipts add up.
- Office Costs
You can write off the cost of your office rent. And if you work from home, you can deduct a portion of their mortgage, real estate taxes, and utilities, based on the percentage of the home you use for your business.
It’s important to remember to keep all of your receipts every time you purchase any of these items or incur any expenses. At Estess CPA, we specialize in serving small businesses with accounting, bookkeeping, tax planning, and payroll services to help our clients’ businesses succeed. We specialize in serving the needs of individuals and small businesses with tax planning, accounting, bookkeeping, and payroll services.
Call us today and schedule an appointment at our Belle Chasse or Luling offices:
7822 Highway 23 128 Lakewood Drive
Belle Chasse, LA 70037 Luling, LA 70070
(504) 433-5122 (985) 785-1470