Taxes + Freelance
Taxes + Freelance
Out of context: Reply #13
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- ETM0
Write offs are not always a literal one to one dollar value. $400 in expenses doesn't automatically mean reducing total income by $400 dollars.
Granted, I am coming at it from Canadian Tax law, but some things to be wary of are:
Wardrobe is not a write-off despite many people doing it (They'll get caught some day). Meals are also a common mistake, when you buy a client a meal you can only claim their portion of the meal bill, not yours. You have to eat anyway, you're not getting a write off to survive. Also tips can't be claimed either. Again maybe that's only Canada.
- Interesting, but none of the accountants I been through in the U.S. ever mentioned splitting the meal bill.pinkfloyd