Learn to Maximize Your Tax Deductions as a Freelance Worker

List: Posted: 03/10/11

The choice to become a freelance worker is one that can give you enormous control over your life and lead to considerable personal and professional satisfaction.  However, the average freelance worker also struggles in several areas.  For instance, taxes can be high for freelancers, so it pays to know your potential tax deductions.

For the average freelance worker, working from home entitles you to write off several things.  A portion of your rent or mortgage can be used as a tax deduction.  In addition, you can also write off a portion of your utility bills as business expenses.  The average freelance worker can write off part of their electric bill, their gas, their phone and even their Internet bill.

Another area where a freelance worker can find tax deductions is in travel costs.  If you have to drive for your freelance jobs, you can put part of your fuel costs, your insurance and even your car payment as tax write offs.  Make sure that you record your mileage and your fuel costs, though, or you might not be able to do so.

In addition, as a freelance worker, you might be able to write off the cost of supplies for your job, as well as insurance.  Deductions can also be made for any type of retirement plan that you might have, as well as legal fees associated with your type of business.

As a freelance worker, there are numerous tax deductions that you can take advantage of to reduce your tax burden.

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      We look at your life through tax - and find ways to help. H&R Block is a global consumer tax services provider that prepares one in every seven U.S. tax returns. H&R Block is global leader in tax preparation services - we've prepared more than 700 million tax returns through retail locations and at-home, digital solutions since 1955. And with approximately 12,000 tax offices in all 50 states, as well as U.S. territories, military bases and abroad, we're always available to help you file your taxes. Find your local Broadlands tax office and schedule an appointment today.

      • 43150 Broadlands Ctr Ste 122 Ste 122
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      • (571) 291-2216
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      • (703) 723-6388

        Blue Ridge Tax, Inc. is a licensed CPA firm in Virginia. The firm provide tax services to individuals and businesses. IRS audit representation service.

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