Taxes Made Simple

Mark (graphic artist) asks:

I've been doing some freelance work this year, and I know that it's going to count as self-employment income. I don't know very much about taxes to be honest, but I'm learning a lot from your site. I know that Schedule C deductions are going to be my most valuable ones (because they save me money on self employment tax, if I understand correctly). What types of things will I be able to deduct on Schedule C?

Answer:

Hi Mark. You're exactly correct. Your deductions that appear on Schedule C will be your most valuable ones, as they're going to save you money on your regular income taxes and on your Self-Employment tax.

It's generally pretty easy to tell which deductions will go on your Schedule C. Business expenses will show up on Schedule C, and other deductions will show up elsewhere. A good way to see what expenses you'll be able to deduct on Schedule C is to simply look at the form itself. :-)

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