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As a freelancer or small business owner, it’s up to you to make sure you correctly report your income, file the right forms, count up your business expenses and have sufficient records in the event you’re audited. But while things can be a lot more complicated, there’s also opportunity: freelancers can write off many of their work-related expenses.
If you’re navigating your expenses as an independent worker this year, here are a few tips to help you out. As with anything you read on the web, none of this should replace the specific advice from a tax advisor who’s familiar with your own situation:
Sole proprietors need to file a Schedule C with their personal income return. This tells the IRS if your business made a profit or loss for the year. On line 1 ("Gross receipts or sales"), you’ll need to report all income you made throughout the tax year.
The IRS says that you can deduct any business expenses that are “ordinary and necessary.” For the most part, these are reported on your Schedule C. Check out IRS Publication 535 for all the rules and regulations surrounding allowable expenses.
For example, you can write off the cost of any equipment and supplies you purchased for the business, such as a computer, printer, office furniture and work supplies like paper and envelopes. If you purchased a new laptop that you use partly for business and partly for personal, you can deduct a percentage of the laptop cost based on how much it was used for your business.
Medical insurance can be a significant expense for many. “A lot of people don’t realize that if you are self-employed, you can take your medical insurance deduction on page one of your tax return. This can amount to a very nice benefit,” advises Linda Dawson, owner of public accounting firm Dawson & Associates.
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