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How to Claim Every Business Deduction as a Freelancer and Make the Most of Them at Tax Time

Starting your own business, or rather, running your business successfully, is notoriously difficult. When you're an employee, you can essentially show up and start doing what you're good at or what you've been trained in. But if you have your own business, you need to worry about every aspect of running it, from keeping track of every expense to drumming up clients, not to mention the myriad tax concerns that people working for someone else's company have probably never heard of (try asking a W-2 employee what SECA taxes are). Thankfully for self-employed people, there is an abundance deductible business expenses, also known as small business tax deductions, that can drastically lower self-employed income tax. And with the right tools to navigate the IRS' complicated tax code, they can save more on taxes than they ever have in the past. Need to know what expenses are tax deductible, for example? We've got the ultimate list. Would a checklist help with tax filing? Look no further for one that's super simple. There's even a section of tips on understanding worker's comp., finding your adjusted gross income and filing taxes if you're using one of the digital platforms that have exploded in recent years like Airbnb and Twitch.

The very best business write-offs

Travel expense deductions

Food and entertainment deduction

Car depreciation deduction

Moving expenses deduction

Car mileage deduction

Consulting and professional services

Credit card interest deduction

Internet and phone expenses

Office expenses

Publications and subscriptions

Rent tax

Business startup costs

Car payment

For so many business owners (and more and more freelancers and gig workers), it can feel like you live in your car, either running errands all day or even building your business around driving, in some cases. Find out more about whether you can claim a car payment deduction as one of the business tax write-offs available to self-employed people, as well as the numerous car-related business expenses you probably didn't even know were deductible.

Rent

The storied home office deduction is widely known by most self-employed people (and a fair amount of W-2 employees with side gigs) as one of the most important small business tax deductions and writing off rent is part of that. That's because it's one of the business tax write-offs that can save them the most when they file their annual taxes. But not everyone knows about the surprising number of tax-deductible business expenses associated with the working from home, from office furniture to electronics to utilities and internet service.

Home improvements

Home improvement costs to make our homes more user-friendly or just to have the satisfaction of knowing your abode looks a bit nicer now. Whatever the reasons we make changes to our homes, an important question that almost always comes to mind is, "Are home renovations and improvements tax deductible?" The answer is yes, there are actually tax deductions for improvements, but maybe not in the ways we would expect a home improvement deduction to work.

Home internet bill

Digital technology has completely changed our lives in just about every way possible, including how we work, especially recently, as the Covid-19 pandemic led to more people working from home than ever before in history. The internet has created countless opportunities for so many people, one of which is the opportunity for you to write off your internet bill from your taxes if you're self-employed and you work from a home office. It's worthwhile to learn about other self-employed tax deductions for freelancers, independent contractors and small business owners, as well.

Tips to save even more

How to get a refund if you overpay your taxes?

Flyfin's 2023 Quarterly Estimated Tax Due Dates for self-employed, freelancers, and those with 1099 income - April 18, June 15, Sept. 15, and Jan. 15, 2024. Don't miss your taxes!

Most people who work for themselves or own their own businesses know the realities of quarterly estimated taxes. If you underpay your self-employment or income taxes one quarter, you risk having to pay IRS penalties. For those wondering how to get a refund if you overpay on taxes, the natural course of action is to overestimate your payments to eliminate that risk. That means you probably have a tax refund coming to you at the end of the year. If you know the right business tax deductions and have the right tools, you can avoid penalties and still keep as much of your money as possible with you and out of the hands of the IRS where it doesn't do you any good.

How to take the Qualified Business Income Deduction

Paying taxes on rental income the smart way

What to know when you tackle your taxes

Find your adjusted gross income in 3 steps

Being able to accurately calculate your AGI is a fundamental part of getting your taxes done as a self-employed person. And a fundamental step is using adjustments to lower your taxable income. The trick is to be aware of which adjustments you qualify for. After that, you can use tax credits and business tax write-offs to lower your taxes, in some cases, to almost nothing. If you owe the IRS over $1,000 in tax, use a tax estimate calculator to figure out your quarterly tax payments.

Use this tax preparation checklist

It's tax season, and now is the time to start gathering the documents you need and compiling all the info that will go into your annual tax return. The only way to do this without missing anything – including tax savings – is to use a checklist like this, and we've got the most thorough list in the freelance tax world, including a list of deductible business expenses. We'll make sure you don't miss any education tax credits, small business tax deductions or important deadlines.

1099 taxpayers and workers' compensation

There are situations where you'll need workers' compensation in order to do your work as a self-employed individual. In fact, when it comes to 1099 employees and workers' compensation, many companies require workers to have their own workers' comp for independent contractor’s coverage. Here's how to know when that is, how worker's comp works and how it impacts your self-employment taxes. If you're a freelancer or own your own business, there are countless deductions you can probably access when it comes to taxes. These resources can help you take advantage of them, but there is so much more to know. FlyFin helps you find every possible tax deduction with the help of a powerful A.I. For every other tax concern, a team of CPAs specializing in freelancer taxes is there for you 24/7 in the app.

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.

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On average users save $3,700

FlyFin’s Advantage

A.I. finds every tax deduction eliminating 95% of your work

Expert tax CPAs ensure 100% accurate tax filing

On average users save $3,700

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A.I. eliminates 95% of your work: A.I. analyzes your expenses, identifying every tax write-off automatically. This helps freelancers and self-employed individuals filing Schedule C with their 1040 forms save $7,800 on average, more than in previous years.

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Pay quarterly taxes: A.I. & CPAs help you accurately calculate your quarterly tax and ensure timely payments to avoid any IRS penalties.

Maximum tax refund guaranteed: 75% of tax filers miss out on taking all deductions. A.I. doesn’t forget anything and keeps track of every deduction 24/7. A dedicated CPA reviews every deduction, calculates your taxes precisely and suggests tax-saving strategies.

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