Learn to Maximize Your Tax Deductions as a Freelance Worker

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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