The Section 179 deduction for freelancers lets you write off the full cost of business equipment in the year you start using it, instead of spreading it over several years. Software subscriptions are even simpler: they’re ordinary expenses you deduct as you pay them. And items up to $2,500 each can usually be deducted right … Read more
Design is a tool-heavy profession. A powerful computer, a color-accurate monitor, a drawing tablet, Adobe Creative Cloud, fonts and stock assets can easily cost several thousand dollars a year. Fortunately, almost all of these are tax deductions for graphic designers who work for themselves. However, many freelancers only claim the obvious ones, such as their … Read more
Yes, freelancers can deduct their phone and internet, but only the part used for business. The phone and internet deduction is one of the easiest freelancer tax deductions to claim, and one of the most often missed. The key is a reasonable, documented percentage. Below you’ll see what counts, how to calculate your share, and … Read more
The home office deduction lets freelancers deduct part of their housing costs when they work from home. You can calculate it in two ways, and picking the right one can be worth thousands of dollars a year. The home office is one of the most valuable freelancer tax deductions, because it lowers both your income … Read more