Nobody should pay more in taxes than they have to.
These are 17 different deductions you may be able to use to lower your tax bill:
The IRS allows you to deduct reasonable advertising & marketing costs as long as they directly relate to your business
If you need a computer to work or require a camera to do your job, you can generally deduct the full costs if being used exclusively for business
If you hire someone to help with your website, designing graphics, etc, you can generally deduct the cost
If you belong to a professional organization or community that helps your freelance career, the cost is generally deductible
If you work at home, your ability to deduct the space is capped at $1,500 per year based on $5/sq. foot for up to 300 square feet
Can deduct the cost of notebooks, pens, desk accessories, etc. Recommended to keep receipts.
If you have net profit from self-employment, you are generally able to deduct health insurance premiums
If you needed to take out a loan to support growth or bridge an income gap, you can generally claim the interest paid as a deduction
If you belong to a professional organization or community that helps your freelance career, the cost is generally deductible
If you hire a professional, such as a CPA to handle taxes, you can generally deduct the cost related to the business
Even if they aren't exclusively for business use, you can still deduct a percentage of their monthly costs as long as they're used for business purposes
If you contribute to a tax-advantaged retirement account, you can deduct your contributions
Since self-employed workers are subject to the 15.3% self-employment tax, you're able to deduct up to half of the self-employment tax amount
When setting up your business, if you need to pay for licensing, permits, professional fees, etc., you can generally deduct the cost of the services up to $5,000
If you're payment processor takes a percentage of payments, you can generally write-off these fees
If you use accrual-basis accounting and reported an invoice as paid prior to receiving payment and paid taxes on it, you can write it off as bad debt in the following year if remained unpaid
Whether it be your website, email tool, or premium social account, you can generally deduct the cost as they're helping you grow you're business
