Find answers to your questions by our expert CPAs

eg: Can I take Card Withdrawal Gogoair Com as a deduction?

View all Q&As

Can I take Card Withdrawal Gogoair Com as a deduction?

Demitrius Social Media Influencer

Dixon Garcia

CPA, FlyFin

If you drive, fly, uber, etc. for your freelance work, you can deduct those expenses.

Upvotes (2)

Can I take Changed Inc Debit as a deduction?

Student loan payments

Taylor Multi professional

Dixon Garcia

CPA, FlyFin

Generally, only the interest portion for certain types of loans are tax-deductible. This includes the interest on student loan, business vehicle loan, Home mortgage interest, and the interest on some business loans.

Upvotes (1)

Can I take Smart Property as a deduction?

What percent of my rent is deductible?

Bryan Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as a home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. An individual who lives in one state but works in another may have tax liability in both states but typically will receive a tax credit in their state of residence to eliminate double taxation of that income. If you were a full-year or part-year resident of New York State and you had income sourced to and taxed by another state you may claim a nonrefundable resident credit against your New York State tax. Please book the CPA call for filing your 2021 tax returns in the FlyFin App.

Upvotes (0)

Can I take Liberty Mutual as a deduction?

Jadon Multi professional

Dixon Garcia

CPA, FlyFin

Please let us know the type of insurance you have taken from Liberty Mutual Insurance company, before we can advise if you can take them as deductions. In general, Renters insurance is tax-deductible only when you are running a business from your apartment or rental home and you've set aside an area meant solely for work. You may also deduct your Car insurance costs from your taxes, for the percentage of the time you use your car for business. If half the time you use your car is for business, then you may deduct 50% of the yearly auto insurance costs on your taxes.

Upvotes (0)

Can I take Zelle - Daris Schantz as a deduction?

Jadon Multi professional

Dixon Garcia

CPA, FlyFin

Please let us know the purpose of these transfers as we need more context about these payments before we can advise if you can take them as deductions. In general, if these transfers/payments were made for your freelance work then you can take them as a deduction.

Upvotes (0)

Can I take Pinnacle 58401kb Web Fv0qb8 as a deduction?

My home is used as an office, how do I get a reduction from this?

Jaimie Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take Pinnacle 58401kb Web Nl6dy8 as a deduction?

How can we calculate a percentage of all my rent? It's a home office

Jaimie Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take Noom Plan as a deduction?

Jaimie Multi professional

Dixon Garcia

CPA, FlyFin

Noom Plan fees are usually non-deductible unless prescribed by a healthcare professional based on your medical condition.

Upvotes (0)

Can I take Paypal Checkcard Reunion Com Ca Recurring as a deduction?

Jennifer Multi professional

Dixon Garcia

CPA, FlyFin

Please let us know the purpose of these transfers as we need more context about these payments before we can advise if you can take them as deductions. In general, if these transfers/payments were made for your freelance work then you can take them as a deduction.

Upvotes (0)

Can I take Overdraft Fee as a deduction?

Jennifer Multi professional

Dixon Garcia

CPA, FlyFin

In general, you can deduct Cash withdrawal fees, Foreign transaction fees, Overdraft fees, Membership fees, bank fees, monthly maintenance fees etc. when they are from a business account.

Upvotes (0)

Can I take Spectrum as a deduction?

I do use the internet for freelancing as a content creator

Dayla Content Creator

Dixon Garcia

CPA, FlyFin

In general, if you use your phone & Internet services exclusively for business purposes, then you can take 100% of the expense as deduction on Schedule C of Form 1040. However, if the expense is partly business and partly personal purposes then you can deduct your phone & internet bills in proportion to its business use. For example, if someone uses their phone 50% of the time for business use (this includes calls, messaging etc.) then they can deduct 50% of the overall phone bills. In the FlyFin app, you can mark all such phone and internet expenses as deductions and later on we will apply a % based on business usage at the time of tax filing.

Upvotes (0)

Can I take Gecu Transfer 3121 as a deduction?

Dayla Content Creator

Dixon Garcia

CPA, FlyFin

Please let us know the purpose of these transfers as we need more context about these payments before we can advise if you can take them as deductions. In general, if these transfers/payments were made for your freelance work then you can take them as a deduction.

Upvotes (0)

Can I take Dukeenergycorpor Des Web Pay Id 992110521 Indn Null Null as a deduction?

If I don't have a home office

Camila Multi professional

Dixon Garcia

CPA, FlyFin

Only when you have a home office, you will be able to claim a portion of the expenses like rent, utilities, repairs and maintenance as tax deduction.

Upvotes (0)

Can I take Gecu Transfer 0621 as a deduction?

Dayla Content Creator

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Gecu Transfer 0321 as a deduction?

Dayla Content Creator

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Pl Idlewoodcreek Web as a deduction?

This is my rent payment. Im sure I can’t expense this.

Randy Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take Invitationhomes Des Web Id 7c0dw8 Indn Samuelopoku as a deduction?

This is the full payment for all my roommates but my portion was only about 475 so how would i only deduct my amount?

Samuel Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take Customer Withdrawal Image as a deduction?

Rent withdrawal. Is this deductible?

Samuel Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Aps Electric Payment Opoku Samuel as a deduction?

I pay the bill for all my roommates but my portion of utilities is less than the full amount. How do i only deduct my portion?

Samuel Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Lowe's as a deduction?

I use my home as a studio. Is home improvement a deduction i can take?

Samuel Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Appliance Warehouse Tx as a deduction?

Can i deduct washer and dryer?

Samuel Multi professional

Dixon Garcia

CPA, FlyFin

In General, the IRS does not allow any Entertainment, Personal, living or family expenses as tax deductions. However, if the devices & equipment purchased which are necessary for the operation of business then you can take deduction on Schedule C of Form 1040.

Upvotes (0)

Can I take John N Harman Dds Phoenix Az as a deduction?

Can i deduct for dental?

Samuel Multi professional

Dixon Garcia

CPA, FlyFin

If you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for you and your family including dependents.

Upvotes (0)

Can I take Amazon Prime as a deduction?

If i use Amazon to purchase items for my business is an Amazon prime subscription deductible?

Samuel Multi professional

Dixon Garcia

CPA, FlyFin

In general, if the Amazon Prime subscription is exclusively for your freelancing business, then you can take 100% as a deduction on your Schedule C deductions.

Upvotes (0)

Can I take Epoch Fhits Sk as a deduction?

Damon Online Seller

Dixon Garcia

CPA, FlyFin

Please let us know the purpose of these transfers as we need more context about these payments before we can advise if you can take them as deductions. In general, if these transfers/payments were made for your freelance work then you can take them as a deduction.

Upvotes (0)

Can I take Target as a deduction?

Kevin Multi professional

Dixon Garcia

CPA, FlyFin

Generally, the IRS allows businesses to deduct the full purchase price of business supplies, furnishing, devices & equipment, Books & subscription etc necessary for the operation of the business. However, if the expense is partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part on Schedule C of IRS Form 1040. The IRS requires documentation of any business expense you deduct, so it is important to save your receipts. In the FlyFin app, you can mark it as a deduction and we will include the applicable business portion at the time of tax filing.

Upvotes (0)

Can I take Walmart as a deduction?

Art supplies

Peyton Artists

Dixon Garcia

CPA, FlyFin

Generally, the IRS allows artists to deduct the expenses like art supplies, transportation and art museum tickets etc necessary for the profession.

Upvotes (0)

Can I take Mga Gainsco Autom as a deduction?

Sarah Multi professional

Dixon Garcia

CPA, FlyFin

If you drive your personal vehicle for your freelancing work then you can take a portion of your vehicle expenses such as Vehicle Registration fees, gas, vehicle insurance, car wash, vehicle repair and maintenance etc as business deductions under Schedule C deductions. In the FlyFin app, you can mark all vehicle related expenses as deduction and we will apply a % based on business use at the time of tax filing. You can also opt for the standard mileage rate of 56 cents per mile driven for business use in 2021. At the time of tax filing, FlyFin CPA will calculate and compare your vehicle deductions by both these methods and select the most appropriate method for you.

Upvotes (0)

Can I take Pmt Info:ach Transfer as a deduction?

This is an investment account

Jose Multi professional

Dixon Garcia

CPA, FlyFin

In General, investment transfers are not tax deductible. However, if you have sold an investment for less than the value you bought it, you can write off the capital loss as a tax deduction on your annual return to offset any capital gains you may owe the IRS.

Upvotes (0)

Can I take Interactive Brok Des ACH Transf Id Req Indn Jose Fernando Escalant as a deduction?

Investment account

Jose Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take New York Life as a deduction?

Life insurance

Jose Multi professional

Dixon Garcia

CPA, FlyFin

In general, Life insurance premiums are considered as personal expenses and are not tax deductible on your personal tax return.

Upvotes (0)

Can I take Check 131 as a deduction?

Rent from old location

Jose Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take Transfer To 20 00transfermobile Transfer To 00 Transfer as a deduction?

Rita Multi professional

Dixon Garcia

CPA, FlyFin

Please let us know the purpose of these transfers as we need more context about these payments before we can advise if you can take them as deductions. In general, if these transfers/payments were made for your freelance work then you can take them as a deduction.

Upvotes (0)

Can I take Share Draftcheckshare Draft 1012 Check as a deduction?

Rita Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

If I am transferring money from my PayPal to my chime in order to pay a subcontractor for what they have done is this a deductible on my end since PayPal charges me if he... A hefty fee that is

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

In general, if any transfers/payments were made for your freelance work then you can take them as a deduction on Schedule C of Form 1040. Please record these expenses and mention at the time of tax filing for appropriate accounting of your business expenses.

Upvotes (1)

Can I take Walmart as a deduction?

Damon Online Seller

Dixon Garcia

CPA, FlyFin

Generally, the IRS allows businesses to deduct the full purchase price of office & business supplies, furnishing, devices & equipment etc necessary for the operation of business.

Upvotes (1)

Can I take 18 12 Squareup Com San Francisco Ca Ckcd Debit 8062 as a deduction?

It is insurance payment for my vehicle but is not under my name

Victor Multi professional

Dixon Garcia

CPA, FlyFin

If you drive your personal vehicle for your freelancing work then you can take a portion of your vehicle expenses as business deductions under Schedule C of IRS Form 1040. Eligible expenses include lease payments(depreciation for own vehicle), gas, vehicle repair and maintenance, car wash, vehicle insurance etc. You can also opt for the standard mileage rate of 56 cents per mile driven for business use in 2021. At the time of tax filing, FlyFin CPA will calculate and compare your vehicle deductions by both these methods and select the most appropriate method for you

Upvotes (0)

Can I take Capital One Online Pmt 3gsokyicmrat3um as a deduction?

I use my credit cars for business, why are they not deductible?

Jeremy Multi professional

Dixon Garcia

CPA, FlyFin

Generally, you can take the deduction of these payments if the expenses are not classified in other accounts (to avoid double-counting).

Upvotes (0)

Can I take Etoro US LLC as a deduction?

Jacob Multi professional

Dixon Garcia

CPA, FlyFin

In General, investment transfers are not tax deductible. However, if you have sold an investment for less than the value you bought it, you can write off the capital loss as a tax deduction on your annual return to offset any capital gains you may owe the IRS.

Upvotes (0)

Can I take Transfer To Chime Checking Account as a deduction?

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

In General, the transfer of funds between your own accounts is not considered as an expense, Hence, it is not tax-deductible. Only the expenses related to your freelance business are eligible for tax deduction on Sch C of IRS Form 1040.

Upvotes (0)

Can I take Wyandotte Lp Mart Payment as a deduction?

I don't even recognize this

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

Please check if the expense is for Gasoline for your vehicle or other groceries from LP Mart. If you drive your personal vehicle for your freelancing work then you can take a portion of your vehicle expenses such as Vehicle Registration fees, gas, oil, vehicle insurance, car wash, vehicle repair and maintenance etc as business deductions under Schedule C deductions. In the FlyFin app, you can mark all vehicle related expenses as deduction and we will apply a % based on business use at the time of tax filing.

Upvotes (0)

Can I take Michael Reynolds Payment as a deduction?

He's not an employee of mine but I paid him to help out can I use this as a deduction?

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

Charitable contributions to individuals are not deductible. Only qualified organisations listed under IRC 501(c)(3) are eligible to receive tax deductible contributions.

Upvotes (0)

Can I take Google Payment as a deduction?

Can I deduct my google one storage? I use it for both personal and business backup.

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

In general, if you use software subscription services (Storage services) exclusively for your income generating freelancing business, then you can take 100% of that deduction as an expense on your Schedule C itemized deductions.

Upvotes (0)

Can I take Transfer To 816 359 1045 as a deduction?

What if I borrowed money from someone and had to pay them back? Would that be deductible? And if so what category?

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

Generally, only the interest portion for certain types of loans are tax-deductible. This includes the interest on business vehicle loan, Home mortgage interest, student loan interest, and the interest on some business loans. However, if you have an interest expense which is partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part on Schedule C of IRS Form 1040. In the FlyFin app, you can mark it as a deduction and we will include the interest portion at the time of tax filing.

Upvotes (0)

Can I take Preferredapartme Web 8r9pq8 Destinykeel as a deduction?

How do I only include a % of rent based on office sq ftg

Destiny Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take New Fashion World as a deduction?

It was Clothing for business

Porshe Multi professional

Dixon Garcia

CPA, FlyFin

In General, any purchase/payment must be a necessary expense which is helpful and appropriate for your trade or business to be tax deductible. Clothing & Accessories bought primarily for your freelance work can be deducted.

Upvotes (0)

Can I take Resort Retailer as a deduction?

Summer Multi professional

Dixon Garcia

CPA, FlyFin

In general, the IRS does not allow any Entertainment, Personal, living or family expenses as tax deductions.

Upvotes (0)

Can I take ACH Debit Capital One Auto Carpay as a deduction?

Should I group them all together?

Dustin Multi professional

Dixon Garcia

CPA, FlyFin

Generally, only the interest portion for certain types of loans are tax-deductible. This includes the interest on business vehicle loan, Home mortgage interest, student loan interest, and the interest on some business loans. However, if you have an interest expense which is partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part on Schedule C of IRS Form 1040. In the FlyFin app, you can mark it as a deduction and we will include the interest portion as well as applicable depreciation deduction at the time of tax filing.

Upvotes (0)

Can I take Nnt V Memo=point Of Sale Withdrawal Nnt Valley Vet 320 Russell Street as a deduction?

What category do you recommend putting pet supplies and medical expenses under? I used PERSONAL but I wonder if there is a better one? Thanks!

Jonathan Multi professional

Dixon Garcia

CPA, FlyFin

Deducting medical expenses & Pet Health insurance, and pet supplies is not allowed on the tax returns. The only exception would be if the pet is a certified service animal, like a guide dog. It is appropriate to use the 'personal' category.

Upvotes (0)

Can I take Acorns as a deduction? : Should I just delete non deductions?

Why does the slider momentarily reveal the option to delete the entry on this page?

Jonathan Multi professional

Dixon Garcia

CPA, FlyFin

In General, investment transfers are not tax deductible. However, if you have sold an investment for less than the value you bought it, you can write off the capital loss as a tax deduction on your annual return to offset any capital gains you may owe the IRS. Please do not delete the non deductions. But review the deductions and non deductions and take action on possible deductions by moving the transactions to deductible/ non deductible.

Upvotes (0)

Can I take Aspen Ridge Sd6 Web B4fjp7 Trevorschoeny as a deduction?

I’m new to this and I don’t know what qualifies as a deduction

Trevor Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take Samsung as a deduction?

I purchased washers and dryers for my Airbnb. Can I deduct these?

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

Generally, the IRS allows businesses to deduct the full purchase price of business supplies, furnishing, devices & equipment, Books & subscription etc necessary for the operation of the business.

Upvotes (0)

Can I take Best Buy as a deduction?

This was a Christmas gift - deductible?

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

In General, the IRS does not allow any Entertainment, Personal, living or family expenses as tax deductions. However, you can deduct no more than $25 of the cost of business gifts to your client you give directly or indirectly to each person during the tax year.

Upvotes (0)

Can I take Engine Mkt as a deduction?

Creating a video game as part of my Coding LLC - this was purchased for research. Deductible?

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

Generally, the IRS permits businesses to deduct all research and experimental costs.

Upvotes (0)

Can I take Loews Hotels as a deduction?

Travelling between my Airbnb's and had to spend the night - deductible?

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

Hotel and related expenses meant for your freelance work are deductible.

Upvotes (0)

Can I take Airbnb as a deduction?

Had to stay in an Airbnb while my Tenants were moving out - deductible?

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

Hotel and related expenses meant for your freelance work are deductible.

Upvotes (0)

Can I take Caliber Home Loa Payments as a deduction?

Mortgage payment - can I deduct for Airbnb? I also use it as WFH office. I feel like this is more complicated than rejected or accepted

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

In General, only the interest portion for certain types of loans are tax-deductible. This includes the interest on business vehicle loan, Home mortgage interest, student loan interest, and the interest on some business loans. If you use the office exclusively and regularly for administrative or management activities of your trade or business then you can claim Mortgage interest, Utilities, House repairs and maintenance, Home insurance, home depreciation etc. as home office deduction.

Upvotes (0)

Can I take S Steel as a deduction?

This is materials

Summer Multi professional

Dixon Garcia

CPA, FlyFin

Generally, the IRS allows businesses to deduct the full purchase price of business supplies, furnishing, devices & equipment, Books & subscription etc necessary for the operation of the business. However, if the expense is partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part on Schedule C of IRS Form 1040. The IRS requires documentation of any business expense you deduct, so it is important to save your receipts. In the FlyFin app, you can mark it as a deduction and we will include the applicable business portion at the time of tax filing.

Upvotes (0)

Can I take Cozy Services as a deduction?

This is my Tenant's rent payment - is this deductible or does it belong elsewhere

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

In General, if you receive any payment out of freelancing business it is considered as your freelancing income. Therefore, it is not tax deductible.

Upvotes (0)

Can I take Tonal Systems Inc as a deduction?

I offer my home gym membership to my Airbnb guests, deductible?

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

In general, the expenses related to your freelance business are eligible for tax deduction on Schedule C of IRS Form 1040.

Upvotes (0)

Can I take Earnnest Earnnest as a deduction?

Earnest money for down payment on new house - deductible?

Joshua Multi professional

Dixon Garcia

CPA, FlyFin

If the expense includes any interest portion, you can claim it as deduction.

Upvotes (0)

Can I take T-Mobile as a deduction?

It's a military family plan, but I use my service for work.

Nathan Multi professional

Dixon Garcia

CPA, FlyFin

In general, if you use your phone & Internet services for both business and personal purposes then you can deduct your phone & internet bills in proportion to its business use. For example, if someone uses their phone 50% of the time for business use (this includes calls, messaging etc.) then they can deduct 50% of the overall phone bills. In the FlyFin app, you can mark all such phone and internet expenses as deductions and later on we will apply a % based on business usage at the time of tax filing.

Upvotes (0)

Can I take Phone Spector LLC as a deduction?

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

In General, any purchase must be a necessary and reasonable expense which is helpful and appropriate for your trade or business to be tax deductible. However, if the expense is related to business and is partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part on Schedule C of IRS Form 1040.

Upvotes (0)

Can I take Transfer To Credit Builder as a deduction?

I transferred my money into my credit so I can get a better credit score inorder for me to get companies to recognize my business in Dun & Bradstreet.

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

In General, transfer of funds between your own accounts is not considered as an expense, Hence, it is not tax deductible. Only the expenses related to your freelance business are eligible for tax deduction on Schedule C of IRS Form 1040.

Upvotes (0)

Can I take Ross Stores as a deduction?

Are work clothes deductible?

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

In General, any purchase/payment must be a necessary expense which is helpful and appropriate for your trade or business to be tax deductible. Clothing & Accessories bought primarily for your freelance work can be deducted.

Upvotes (0)

Can I take Papa John's Pizza as a deduction?

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

Unfortunately, the IRS does not allow any ordinary meal during a normal work day as a deduction. If you have met a client “primarily” for freelancing business then you can deduct that meal expense.

Upvotes (0)

Can I take Spotme Tip as a deduction?

FlyFin User Multi professional

Dixon Garcia

CPA, FlyFin

In General, any expense must be a necessary expense to be tax deductible. Therefore, Spotme Tip is not tax deductible. However, you can deduct Cash withdrawal fees, Foreign transaction fees, Overdraft fees, Membership fees, bank fees, monthly maintenance fees etc. when they are from a business account.

Upvotes (0)

Can I take UPS as a deduction?

Shipping items to guest that left items in car after rental, can that be deducted as an expense?

Chibuike Multi professional

Dixon Garcia

CPA, FlyFin

In general, any expense must be a necessary expense to be deductible and it should be common in your freelance business.

Upvotes (0)

Can I take ATM Withdrawal as a deduction?

This was use to pay myself

David Multi professional

Dixon Garcia

CPA, FlyFin

In general, the IRS does not allow any Entertainment, Personal, living or family expenses as tax deductions. However, if the Cash Withdrawal amount is utilized for your freelance business, the expenses are deductible on Schedule C of Form 1040.

Upvotes (0)

Can I take Transfer To Spend as a deduction?

Tammy Multi professional

Dixon Garcia

CPA, FlyFin

In General, transfer of funds between your own accounts is not considered as an expense, Hence, it is not tax deductible. Only the expenses related to your freelance business are eligible for tax deduction on Schedule C of IRS Form 1040.

Upvotes (0)

Can I take Carters Inc. as a deduction?

It was clothes for my kids

Paul Multi professional

Dixon Garcia

CPA, FlyFin

In general, the IRS does not allow any Entertainment, Personal, living or family expenses as tax deductions.

Upvotes (0)

Can I take Kay Jewelers as a deduction?

That was a gift for my lady

Paul Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Harbor Freight Tools as a deduction?

These are tools I buy that usually help with my business but not usually an actual part of my business. For example I’m always buying tools to fix up my work rig. I’m assuming that would be considered a write off?

Joey Multi professional

Dixon Garcia

CPA, FlyFin

Generally, the IRS allows businesses to deduct the rent or the full purchase price of business supplies, furnishing, devices & equipment, Books & subscription etc necessary for the operation of the business. However, if the expense is partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part on Schedule C of IRS Form 1040.

Upvotes (0)

Can I take Age Of Learning Inc. Payment as a deduction?

This would be learning programs I buy for my daughter?

Joey Multi professional

Dixon Garcia

CPA, FlyFin

In general, the IRS does not allow Summer school and tutoring programs as tax deductions.

Upvotes (0)

Can I take Club Earlybird Payment as a deduction?

I bought this as a supplement to get me going in the morning

Joey Multi professional

Dixon Garcia

CPA, FlyFin

Generally, IRS does not allow the cost of vitamins, nutritional supplements, herbal supplements, natural medicines etc. as medical expense deduction unless they are recommended by a medical practitioner for treatment of a specific medical condition.

Upvotes (0)

Can I take Ecommerace Innovations Payment as a deduction?

Joey Multi professional

Dixon Garcia

CPA, FlyFin

Please let us know the purpose of these transfers as we need more context about these payments before we can advise if you can take them as deductions. In general, if these transfers/payments were made for your freelance work then you can take them as a deduction.

Upvotes (0)

Can I take Louis Food Sto as a deduction?

This is when I am out on the job and stop to get a drink or snack

Joey Multi professional

Dixon Garcia

CPA, FlyFin

Unfortunately, the IRS does not allow any ordinary meal during a normal work day as a deduction. If you have met a client “primarily” for freelancing business then you can deduct that meal expense.

Upvotes (0)

Can I take Starbucks as a deduction? :

Coffee on the job?

Joey Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Mint Mobile Payment as a deduction?

This is my daughters cell phone bill

Joey Multi professional

Dixon Garcia

CPA, FlyFin

In general, the IRS does not allow any Entertainment, Personal, living or family expenses as tax deductions.

Upvotes (0)

Can I take Checking Withdrawal as a deduction?

This was used to pay myself

David Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Sheyenne Carter Payment as a deduction?

Child care payments

Joey Multi professional

Dixon Garcia

CPA, FlyFin

In General, if your child is enrolled in a before- or after-school program so you can work or look for work, it can count toward your child and dependent care credit.

Upvotes (0)

Can I take Withdrawal Transfer To Hernandez Ryder Share 01 Auto Transfer as a deduction?

This account is my main credit card I use now.

Joey Multi professional

Dixon Garcia

CPA, FlyFin

In General, investment expenses are not tax deductible. However, if you have sold an investment for less than the value you bought it, you can write off the capital loss as a tax deduction on your annual return to offset any capital gains you may owe the IRS.

Upvotes (0)

Can I take Walmart as a deduction?

Sometimes I use Walmart for oil changes and other things for my truck, not sure if this was one of those times or not?

Joey Multi professional

Dixon Garcia

CPA, FlyFin

If you drive your personal vehicle for your freelancing work then you can take a portion of your vehicle expenses such as Vehicle Registration fees, gas, oil, vehicle insurance, car wash, vehicle repair and maintenance etc as business deductions under Schedule C deductions. In the FlyFin app, you can mark all vehicle related expenses as deduction and we will apply a % based on business use at the time of tax filing.

Upvotes (0)

Can I take FlyFin AI as a deduction?

Can I use this app as a deduction given that we are using it to try and separate business expenses vs personal along with track deductions?

Brian Multi professional

Dixon Garcia

CPA, FlyFin

In general, professional services like legal services, and accounting-related services, filing fees for your income generating freelancing business are tax-deductible on your Schedule C of Form 1040. In the FlyFin App, you can mark the expense as a deduction.

Upvotes (0)

Can I take Td Auto as a deduction?

I was told something that you can claim a vehicle if it is above 6,100 lb GVW? I'm not sure how we can work with vehicle payments if it is used for both personal and business.

Brian Multi professional

Dixon Garcia

CPA, FlyFin

If you drive your personal vehicle for your freelancing work then you can take a portion of your vehicle expenses such as Vehicle Registration fees, gas, vehicle insurance, car wash, vehicle repair and maintenance etc as business deductions under Schedule C deductions. In the FlyFin app, you can mark all vehicle related expenses as deduction and we will apply a % based on business use at the time of tax filing. You can also opt for the standard mileage rate of 56 cents per mile driven for business use in 2021. At the time of tax filing, FlyFin CPA will calculate and compare your vehicle deductions by both these methods and select the most appropriate method for you.

Upvotes (0)

Can I take Spectrum as a deduction?

How much of this can I deduct?

Molly Multi professional

Dixon Garcia

CPA, FlyFin

In general, if you use your phone & Internet services for both business and personal purposes then you can deduct your phone & internet bills in proportion to its business use. For example, if someone uses their phone 50% of the time for business use (this includes calls, messaging etc.) then they can deduct 50% of the overall phone bills. In the FlyFin app, you can mark all such phone and internet expenses as deductions and later on we will apply a % based on business usage at the time of tax filing.

Upvotes (0)

Can I take Fubotv Inc as a deduction?

Alejandro Multi professional

Dixon Garcia

CPA, FlyFin

In general, the IRS does not allow any Entertainment, Personal, living or family expenses as tax deductions.

Upvotes (0)

Can I take T-Mobile as a deduction?

Alejandro Multi professional

Dixon Garcia

CPA, FlyFin

In general, if you use your phone & Internet services for both business and personal purposes then you can deduct your phone & internet bills in proportion to its business use. For example, if someone uses their phone 50% of the time for business use (this includes calls, messaging etc.) then they can deduct 50% of the overall phone bills. In the FlyFin app, you can mark all such phone and internet expenses as deductions and later on we will apply a % based on business usage at the time of tax filing.

Upvotes (0)

Can I take CVS Pharmacy as a deduction?

Alejandro Multi professional

Dixon Garcia

CPA, FlyFin

Any unreimbursed medical expenses for you and your family including dependents can be taken as tax deduction on Schedule A of IRS Form 1040. Some of the deductible expenses include prescription medicines, Ambulance service and other travel costs to get medical care, Lodging expenses (but not meals) while away from home to receive medical care, Medical aids, Medical insurance premiums, clinic costs, Diagnostic tests, Medical examinations - X-ray and laboratory services etc.

Upvotes (0)

Can I take Walgreens as a deduction?

Alejandro Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Changed Inc Debit Ccd as a deduction?

This is student loan payments. Not sure how that works or if it’s deductible

Taylor Multi professional

Dixon Garcia

CPA, FlyFin

Generally, only the interest portion for certain types of loans is tax-deductible. This includes the interest on student loans, business vehicle loans, Home mortgage interest, and the interest on some business loans.

Upvotes (0)

Can I take Domino's as a deduction?

Alejandro Multi professional

Dixon Garcia

CPA, FlyFin

Unfortunately, the IRS does not allow any ordinary meal during a normal work day as a deduction. If you have met a client “primarily” for freelancing business then you can deduct that meal expense.

Upvotes (0)

Can I take Altmanmgnt 671 D Des Web Id Qzp079 Indn Saraquiriconi as a deduction?

How much rent can I deduct as expense for work from home office?

Sara Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. In the FlyFin app, mark all home-office related expenses as deductions and we will apply a % based on the area of your home office at the time of tax filing.

Upvotes (0)

Can I take Arrow Beauty Salon Kay as a deduction?

Hair product at hair salon

Jessica Multi professional

Dixon Garcia

CPA, FlyFin

Expenses for beauty appointments, beauty products and other personal care can be deducted only if they are necessary for your freelance work

Upvotes (0)

Can I take Fresha Thai Nail Salon as a deduction?

Manicure for a business trip a deduction?

Jessica Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Skincare Market as a deduction?

Can I deduct any skin or hair care products?

Jessica Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Milk Clothing as a deduction?

Can I deduct for clothing purchases to comply with dress code at my w-2 job?

Jessica Multi professional

Dixon Garcia

CPA, FlyFin

In General, the IRS does not allow any Entertainment, personal things like housekeeping supplies, clothing and accessories, personal care products and services, and family expenses as tax deductions.

Upvotes (0)

Can I take The Parlour Inc-mj as a deduction?

Can I deduct for personal services?

Jessica Multi professional

Dixon Garcia

CPA, FlyFin

Upvotes (0)

Can I take Atlanta Comedy Theater as a deduction?

When it comes to creators/actors, can comedy shows/movies be considered a deduction since it’s a way we study the craft?

Melonie Multi professional

Dixon Garcia

CPA, FlyFin

In general, comedy shows and theater tickets are deductible as research costs on Schedule C of Form 1040. The IRS requires a justification of how the movie or play relates to your freelance business.

Upvotes (0)

Can I take 355 Bronx River Web R5j5r1 as a deduction?

Hi! I recently moved from NY to GA and not sure if you’re familiar with the tax laws. I moved to GA Jan 2021, but continued to go back and forth between here and NY. Would I have to file my taxes twice? For NY and GA? If so, is this something that is possible to do through FlyFin?

Melonie Multi professional

Dixon Garcia

CPA, FlyFin

If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. An individual who lives in one state but works in another may have tax liability in both states, but typically will receive a tax credit in their state of residence to eliminate double taxation of that income. If you were a full-year or part-year resident of New York State and you had income sourced to and taxed by another state you may claim a nonrefundable resident credit against your New York State tax. Please book the CPA call for filing your 2021 tax returns in the FlyFin App.

Upvotes (0)

Can I take Blue Shield as a deduction?

Since I'm self-employed, am I able to deduct my health insurance premiums?

Bryan

Dixon Garcia

CPA, FlyFin

If you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for you and your family including dependents.

Upvotes (0)

Is this article helpful for you?
Yes
No