Get your money back! – Tax deduction tips
Wed, Feb 4, 2009
As a freelancer, paying taxes can be stressful.
However, there are a bunch of things that can be written off. So once you sit down and look at all your 1099’s and receipts, you shouldn’t have a problem getting some of those expenses back.
So let’s look at some of the things you may have never knew you could write off. So when tax season rolls around, you’ll be better prepared.
Credit Card Fees
Do you accept paypal? Or accept credit cards as payment for you photo shoots? Most companies, including paypal, charge businesses a convenience fee. If you take credit cards, no matter how many times you’ve accepted them, those fees can be written off. After the year ends, print out your account history from paypal, and you’ll be able to easily add up the charges that way.
Meetings
Ever meet a client at a coffee shop? Or arrange for a lunch meeting? Anything you purchased for yourself and/or business contact can be written off by 50%. Coffee bills can add up over time, so make sure to save those receipts and maybe even write a note on it to remind yourself about the purpose of the meeting.
Advice from a professional
If you ever had to consult with a lawyer in regards to your photography business, or had to pay for any type of professional advice, that can also be deducted. Simply make sure to save the invoice or receipt.
Is your home also your office?
If so, you can deduct part of what you pay towards insurance, utilities and even your mortgage interest. In most cases you have to provide documents of the space including measurements. You’ll also have to fill out a separate form called the IRS Form 8829.
New jobs
Any fees you pay to be apart of a job board can be written off. The same can be applied to sites that let you bid on projects or even leads you’ve bought! Just be sure to save your receipts either on your computer of simply print it out.
The celly
Talking on the phone with clients can get expensive. Although you can’t deduct your main line, whether you use it for personal or business. However, if you have a second line that you use primarily for business including applications like skype, you can write the cost off.
Hire a CPA
This is just a very small list of some of the deductions you can take advantage of. You may qualify for others that are specifically for your situation. To get a better insight, I’d recommend hiring a CPA or accountant that can help you further. The cost of hiring someone to do your taxes can also be written off.
The above examples are approved in the United States, so if you’re in another country you may want to see which of these are also approved and find out what other ways you can get some of your money back! Good luck!
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I’m also a freelancer and i have to agree with you.
Thank you:) Are you a freelance photographer?