Home Office Tax Deductions For U.S. Freelancerse_darrellj | Mar 26, 2014
Once again it’s nearing the April 15th deadline for filing taxes in America.
While many U.S.-based Elancers know about tax benefits available to the happily self-employed, it’s possible that a large number of those new to freelancing may be unaware of allowable deductions.
This is especially true now that more and more 9-to-5 staffers are making the switch to freelance work (welcome).
Note that for freelancers in other countries, this may not apply directly to you now. But keep these principles in mind if applicable, and at the appropriate time. Naturally all freelancers should consult your own tax advisor before making decisions.
If you are paying U.S. taxes, however, you’ll find a plethora of valuable information on the Internal Revenue Service website. One such page discusses the home office deduction. A few topics covered include:
• Requirements for claiming a home-office deduction
• How using your home for office storage differs from working and meeting clients there
• How to determine the amount you can claim on your taxes
• Which forms to use when making home office deductions
Of course your home office is but one of the many possible tax deductions available. While we can’t begin to explain them all in detail here, hopefully this is a good starting point for your own research. Another good tip is to contact fellow Elancers who are tax experts. You know as well as anyone how many great resources are available to us all on Elance. Good luck on those taxes.