4 Tax Deductions You Need to Know if You Are Self-Employed
The prospect of long term work-from-home life may be enticing to some and terrifying to others. Regardless of your feelings on the matter, 2020 is a year in which you'll likely want to know how you can take advantage of certain tax deductions related to the new realities of work -- particularly if you're self-employed or an independent contractor.
Knowing the right tax deductions, and how to apply them on the most basic level, will create great benefit for you come tax time if you are careful with your record keeping. Below you'll find four of the most visible deductions that could ultimately impact how much tax you owe for the year.
If you're self-employed, you also want to be sure you're keeping meticulous records of any business expenses incurred throughout the year. This means keeping receipts, screenshots, and any other evidence that shows a pursuit of independent income.
Source Fool.com
