Education Deduction
All education expenses related to maintaining or improving your service, profession, product for your existing business are tax deductible.
Business Insurance
Do you pay premiums for any type of insurance to protect your business, such as fire insurance, credit insurance, car insurance on a business vehicle or business liability insurance?
Rent
If you make a monthly payment for an office space, you can deduct the amount you paid. You can also deduct amounts paid for utilities or the equipment you rent.
Advertising
If you pay to advertise on Facebook, Google, other internet platforms, a billboard, magazine, or newsletter, a TV commercial, a vehicle, or mail flyers, the costs are tax deductible.
Here's an example of a Home-based freelancer
I work about 40 hours a week and only pay for 20 hours of childcare, since about half of my work hours are completed with the kids at home.
Cutting our childcare costs in half each month(for two kids!) saves us about $16,000 annually. In addition, if one of thekids is sick, I can stay home without losing much income, since I can make itup on other days of the week.
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Self-employed: Business Owner's Tax Advantages
Non-FictionThere are several benefits for those who are their own boss, but the financial advantages are typically not what comes immediately to one's mind. For most people, any monetary benefit is something really thought of last. What does come to mind are s...
