As learning more can only help improve your skillset, this is one write-off almost every freelancer should see if they’re eligible for.
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Although it can get tricky if you’re paying for another studio space, writing off a portion of your rent for your home office is a common tax tip for freelancers. Commonly calculated by the square footage of the space you use for work, the home office write off is $5 per square foot, with a maximum of $1,500 for a 300-square-foot-space. Not a bad chunk of change for something you’re already paying into.
Of course, hiring an accountant to help with your tax needs will ensure you don’t have to worry much about keeping up with tax laws. You can just freelance, and let a firm like ours take the reigns on your write-offs (while also being a write-off ourselves). Not a bad deal if you’re not exactly in love with crunching numbers, and would rather do whatever it is you’re passionate about. After all, that’s what we’re here for.