MyTwoCents: Yes, taxes are boring and stressful. But. But!!! Tax *write-offs* are almost … fun? Or at the very least they can save you a lot of money if you freelance, have a side hustle, or run your own business. Allow CharlotteCowles to explain:
I’m sorry to bring up taxes. They are the most boring topic on the planet and stressful this time of year. But tax, once you understand them, are almost … fun? Or at the very least they can save you a lot of money if you freelance, have a side hustle, or run your own business.
than employees with regular full-time jobs, so it’s worth the effort to make your taxable income as low as reasonably possible.creative with your interpretation of “business expenses,” the IRS might audit you, which is almost never worth it. In addition to eating up a lot of your valuable time, audits can be costly.
Basically, use your common sense. It helps to keep meticulous records, says Susan Lee, a tax professional who works primarily with. “If you keep track of every penny you spend on your business, it’s a lot easier to make your case,” she explains. A copy of your credit-card bill probably won’t cut it, but notes on each expense and what it was used for? That’s better.
is that your venture must be profitable at least three out of the past five years. “Of course, there are some exceptions, and that can be challenged under special circumstances,” says Lee.
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