What Freelancers Should Know Before Filing Their Taxes This Year

tax forms

 

From Fast Company, Kelly Clay offers advice to freelancers and independent contractors who are starting to prepare their tax returns.  Kelly reminds freelancers of deductions, including:

DEDUCTIONS

Borden notes that when preparing your taxes, there are some easy deductions every freelancer can and should take—yet often forget. These include:

  • Office supplies
  • Cabs, subways, buses
  • Books, magazines, reference material
  • Telephone/Internet
  • Promotion
  • Office rent
  • Gas and electric
  • Memberships to professional organizations
  • Messengers, private mail carriers, postage
  • Business insurance
  • Tax preparation
  • Travel
  • Business meals and entertainment
  • Equipment
  • Software
  • Mortgage interest/taxes
  • Legal and professional fees

She also notes that The Freelancers Union has a truly ultimate guide to deductionsthat freelancers should explore to ensure they’re not missing any expenses that could be accounted for on their 2015 return. This list includes expenses that many freelancers may not know could be deducted, so it’s worth a look.

Read the full story at What Freelancers Should Know Before Filing Their Taxes This Year

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