Below is a list of the following things that you may want to consider deducting on your tax return, if legally possible, to reduce the taxes owed on your schedule C. This is not a full list but it covers a large chunk.
- Depreciation of equipment (i.e. computers, printers)
- Interest paid on business loans
- Legal/professional services
- Office expenses
- Other business expenses
If you are a blogger or a freelancer who has a website, you can consider deducting the expenses that are listed below:
- Web hosting and management fees
- Photography costs (i.e. stock photo fees)
- Software for producing content
- PayPal fees
- Books/eBooks/seminars/subscriptions that helped you improve your business
- If you have a one niche blog the expenses used to research the specific topic
- Telephone/Skype expenses used for your website
If you are a freelancer or blogger, who earns money online it is important that you start organized and remain organized. When keeping documents you want to think as though you are being audited by the IRS and have to have even the tiniest details readily available to show them at any given notice.
However, just because you make a living as a freelancer or blogger it does not mean that you are at a higher risk of being audited, staying organized like this protects you just in case and it insures that you do not forget to take any of the deductions that you are entitled to.
Having everything you need in an orderly manner will allow you to be less stressed out during tax time. When you are less stressed you will still be able to produce and income during tax season, your lifespan extends, and you can earn more money for the years to come.
If you feel comfortable doing your own taxes, save money by filing with Turbo Tax. They have software available that will guide you through the entire process and insure you pay the least amount of taxes possible. http://filemytaxesonline.org/turbotax-2015-helps-find-largest-tax-deductions/
You’ll get step-by-step instructions through your taxes, expert help when you need it and every deduction and credit that applies to you. We make sure you get the biggest refund possible. Try the Free tax refund calculator to see your how much money you’ll be getting back. https://www.linkedin.com/pulse/article/20141031150722-15298154-free-2014-2015-tax-refund-calculators