Tax Deductible?
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- WhiteFace
As a freelance designer what is? Coffee? Pens? Subscription to 'Better Mental Health' Magazine?
- monoboy0
Admin expenses (normally VATable)- Office costs
- Office equipment
- Stationery
- Sundries(UK btw)
- monoboy0
You could even put pens under Cost of sales - materials.
- sted0
Dogfood
- Continuity0
Public transport tickets to/from client meetings and/or to on-site work.
(Probably)
- Continuity0
... ooooooor you can save yourself the trouble of QBN Guesswork, and hire yourself a good accountant that specialises in working with freelance creatives, and they tell you all of these things.
- monoboy0
I can recommend using a system like FreeAgent to manage invoices, expenses and taxes. Does it all for you.
I've been using it for a couple of years. I think it works with Euro based businesses.
Here's a 10% discount code for you...
fre.ag/4463bwuh
- formed0
Any thing your accountant gives you the "ok" for. One deductible saves you the cost of a good accountant. If you want to keep things current, hire a bookkeeper. A good one of both is easily worth 100x the cost.
- omg0
QuickBooks Self-Employed.... is awesome
1. Does all your bookkeeping
2. Mobile app for storing and snapping those cash receipts
3. Nicely designed, simplified interface and charts
4. Easily label and separate your business and personal expenses
5. Create invoices with your logo*
6. Record all your travel miles*
7. Detailed up-to-the-date yearly, monthly, quarterly reports
8. Works with Turbo-Tax or a Tax Accountant
9. Export CSVs
10. ...and a 50% discount for the first 6 months with this link http://fbuy.me/dJ7LW
- fourth0
I write off everything. Gas, health insurance, home office, all my purchases that aren't food, mileage, car, car insurance, software, apps, cell phone, internet bill, all online services, Lyft, uber and other travel expenses
- YupArmandoEstrada
- no breakroom?omg
- Food you provide your staff, even if it's just you, is also a legit deduction.MondoMorphic
- doesnotexist0
yup.
"entertainment"
"office supplies"
"research & development"
- robotron3k0
if you have extra room in your apartment with door can deduct part of your rent too..
- pinkfloyd0
Are you suppose to file your taxes quarterly?
- Yes, as a sole proprietor in the US. Otherwise expect a fat tax bill at the end-of-year (and penalties).studderine
- ask your CPA, but i think its only mandatory for folks making over $50000 a quarter.omg
- How does filing quarterly save anybody money? It doesn't affect one's tax rate and the lack of doing so does not generate penalties.MondoMorphic
- omg, it's not mandatory, even when making > than $50K a quarter.MondoMorphic
- Dude, it does generate penalties. I paid $800 fine last year for now paying quarterly. It saves you money by not having to pay fine.studderine
- ^Ha! Can't type.studderine