Independent Contractors, Are You Recording Your Tax Deductions?

August 15, 2019 by OSYB Staff

Intuit QuickBooks shares common expenses and tax deductions that independent contractors should be recording throughout the year to be prepared for tax season. If you are an independent contractor like a ride share service driver, a house cleaner, a consultant, construction worker, etc., you should pay attention to these details on travel-related expenses:

• car related expenses – you can track using either a standard mileage method or the actual expenses method and depending on which method you use, record insurance, gasoline, insurance, maintenance, depreciation, lease payments, and others
• parking and tolls
• public transportation
• self- employment tax deduction
• health insurance tax deduction
• cell phone
• industry specific expenses like supplies, business insurance premiums, advertising, etc.

The key point is to establish a user-friendly system to track your expenses with regularity to prevent frenzied scrambling at tax time. Stay organized throughout the year.

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For full article: 13 common expenses and tax deductions for independent contractors

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