Being your own boss brings with it freedom - hence the term “freelancer.” But it also brings with it business obligations that you don’t have to worry about as an employee.
Tax obligations are one example of administrative work that you’ll need to manage, but there are benefits to being a freelancer if you have the right information. Taking full advantage of tax deductions for advertising professionals is one of the bonuses of running your own business.
Knowing about tax deductions for advertising professionals will help you when it comes time to file your annual income tax return. While they may seem small at the time, they add up and can make a difference.
That’s because each of the tax deductions for advertising professionals lowers your taxable income, which will mean less taxes paid at the end of the year. That’s good news for you, as it will help offset the cost of running your own business.
We’ve put together a list of the most common expenses that advertising professionals can deduct from their taxes. With anything financial or tax-related, it doesn’t hurt to get some advice from an expert, like an accountant, before you embark on your business path.
To know what you can count as a tax deduction, you follow the guidance of the federal taxing authority, the Internal Revenue Service (IRS).
Here’s how the IRS defines a business expense: one that is both ordinary and necessary.
So how can you know all the possible advertising professional tax write-offs? We can help you to lower your taxable income and maximize your tax return with these tax deductions for advertising professionals.
It seems like you can use all your expenses as advertising tax deductions. But there are some costs that cannot be used as tax deductions for advertising professionals:
Now that you know about tax deductions for advertising professionals, here’s how you can take advantage:
Not a marketer or an advertising professional? Find tax deductions for your specific profession below.