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If you are an independent contractor what expenses can you legally deduct?
Wiki User
∙ 13y ago
.taxformprocessing.com/tax/faq/tax6.htm
I work with Independent contractors and here is a website that is an easy to read list of the most general items you can deduct, use your discretion based on the type of work you do.
Wiki User
∙ 13y ago
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What is the other word for deduct?
subtract reduce withdraw abstract abate diminish discount dock lessen remove take cut
Can a landlord refuse to let you paint your apartment while refusing to do it himself?
Yes you can paint your apartment and but you need to look at your lease you maybe able to deduct the cost from your rent as improvements to raise property value
Can mortgage interest and insurance be deducted on a rental home even if someone doesn't own another home and is renting too?
Here are opinions and advice from FAQ Farmers: * It depends. This is from Tax Topic 505 at IRS.gov: "Your main home is where you live most of the time. It can be a house, cooperative apartment, condominium, mobile home, house trailer, or houseboat that has sleeping, cooking and toilet facilities. ... A second home can include any other residence you own, and treat as a second home. You do not have to use the home during the year. However, if you rent it to others, you must also use it as a home during the year for more than the greater of 14 days or 10 percent of the number of days you rent it, for the interest to qualify as home mortgage interest." * I don't know what the laws are like in your jurisdiction but around here a second home purchased for the purpose of renting is considered a rental property. Everything including mortgage, property taxes, and utilities etc are totally written off. Even maintentance, yard cutting, repairs are all written off too. * This is not tax advice but this is governed by the IRC. If the primary purpose is rental then interest and other ordinary and necessary expenses are all deductible.
What can you do as a renter when the landlord has not paid asessment fees to the association?
If the association fees are part of the obligations of your landlord under your lease agreement you could pay the fees directly, then deduct them from the rent, sending a letter to the landlord with the accounting. You should check to see if there is a landlord-tenant agency in your area and call for advice.
As someone starting up a small business what do I need in order to be able to take off one bedroom of a two bedroom rental as a business expense?
== IRS codes state you may deduct the percentage of your house expenses that you use for the business. If your house is 2000 sq ft and you use two bedrooms that total say 500 sq ft just for this example you may write off 25% of your house related expenses such as electric, insurance etc. Check with your accountant for more deductions as there are some great ones for home based businesses. == When declaring part of your home as a tax deduction, you have to make sure that part of your home is used for business only. For example, you can't declare a spare bedroom as a business expense if you also use it for other things, such as storage for household items or even for over night guests. The only items that are allowed in that room are things relevant to your business, with the exception of things that would normally be found in a public office (photos, etc.). Also, people with home based businesses are sometimes flagged for IRS audits more frequently than those who work in a public environment.
Keep Track of Business Expenses?
If you are filing a 1099, the best thing you can do is keep thorough track of all your business expenses. There are many cases in which a business owner or independent freelancer will be able to deduct certain business expenses from personal income. If you do not take the time to keep track of business expenses, then you may end up paying unnecessary funds toward these expenses in filing your taxes. A typical expense that business owners are able to deduct from income is a laptop computer. It is definitely worthwhile to figure out which expenses you can deduct from your income.
Can you deduct commuting expenses on tax return?
Only if you work in two different locations. You can deduct the expenses of getting between the locations, but not the expenses of getting to and from home.
Are your expenses tax deductible when you work at home?
If you are an employee and itemize your deductions, you can deduct unreimbursed employee expenses subject to a number of limits. If you are a contractor or sole proprietor, you can take them off of the top. Please note that expenses for your home office are complicated and can be an audit trigger, so contact a CPA.
Can you deduct home office expenses?
This could be possible if you have any qualifying home office expenses to deduct. Click on the below related links
What about co-payments can you deduct them?
Yes, if you are itemizing medical expenses you can deduct co-pays and prescriptions.
What can a registered nurse deduct on a tax return in AZ?
They can deduct their expenses for uniforms, transportation, cleaners, boats and coats. They can also deduct their expenses they did during travels seeing patients for help provided. They can also deduct small tools they bought for their services and they can deduct meals and entertainment for work related. They can deduct mileage travels during work.
How much can Nathan deduct for medical expenses?
$1275
What are expenses that a taxpayer is allowed to deduct from adjusted gross income?
exemptions
Deduct Transportation Costs?
Be sure to take advantage of all possible deductions when you file your free efile taxes online. One of the most common deductions people fail to take advantage of is for transportation costs related to charity work. While you are not legally able to claim a deduction simply for doing charitable work, you are able to deduct expenses related to that work. For example, if you drive homeless youth to a soccer event every week, then you will be able to deduct expenses for this act. You will be allowed to deduct the expense of gasoline in your federal tax filing.
How do you put misc cash spending in tax return?
I am assuming you are referring to an individual basis. You cannot deduct miscellaneous cash spending on a personal tax return. You cannot deduct household expenses on your tax return either. You cannot deduct your regular cost of living expenses.
Can you deduct expenses incurred before formally beginning a business?
Certainly - If one is able to establish that expenses were related to the business
Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
