How can I effectively plan my taxes as a freelancer?

How can I effectively plan my taxes as a freelancer?

Planning your taxes as a freelancer involves tracking your income, expenses, and understanding deductions. What specific areas do you need help with?

What deductions can I claim as a freelancer?

As a freelancer, you can claim deductions for home office expenses, business supplies, travel, and even a portion of your internet bill. Would you like more details on any specific deduction?

Yes, tell me more about home office deductions.

To claim a home office deduction, you need to determine the percentage of your home used for business. You can use either the simplified method or the actual expense method. Do you want to know how to calculate that?

Yes, please explain the simplified method.

The simplified method allows you to deduct $5 per square foot of your home office, up to a maximum of 300 square feet. This means you can deduct up to $1,500. Would you like to know more about the actual expense method?