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Office Expenses Deduction for Freelancers
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Office expenses deductions
As a freelancer, if you operate your business from an office space, be it from your home or a separate workspace, you will be able to deduct all your office-related expenses such as rent, utilities, equipment, stationery, and phone service charges. These deductions will lower your SE tax. If you owe over $1,000 to the IRS, you can use an estimated income tax calculator to figure out your quarterly payments.
Freelancers claiming this deduction
Psychologist/Counselor
As a psychologist or counselor, if you rent an apartment and use a spare room to conduct your therapy sessions from your home office, then you may qualify for the home office deduction, wherein you can deduct a portion of your rent, utilities, supplies, repairs, and more.
Direct Sales Consultant
As a direct sales consultant, you may require an office along with a warehouse for storing your inventory and supplies. You can deduct all your office-related expenses along with the rent you pay for the warehouse from your taxes.
Performing Artist
As a dancer or choreographer, if you own a dance studio somewhere away from your home, you can claim a deduction for all your studio-related expenses, such as installing mirrors, repairs and maintenance, utilities, and etc.
Personal Trainer
As a personal trainer, if you own a gym, you can claim a deduction for all the gym equipment along with the expenses associated with the gym such as the wages and salaries you offer to your employees, commission, cleaning equipment, office supplies, and etc.
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