What are the tax deductions I can take as an independent contractor?

Answer by  Novemberfire (322)

Gasoline and auto depreciation, customer entertainment and meals, your home as an office, cell phones, computers, printers and other office equpment as well as some software. Some items must be depreciated to be deducted. Check with your tax professional for details.

Answer by  Platypus (180)

Any expense that is required for the continuing business operations is deductible. This can be done on a schedule c or a 1040SE.

Answer by  Att4372 (1704)

You can deduct necessary expenses you made to generate income as a contractor. This includes tools, materials, supplies, and any expenses need to run a business (advertising, office expenses, and business fees). You can also deduct your primary medical insurance premiums. See Form 1040 Schedule C for a complete list.

Answer by  hightide (131)

You can deduct 50% of your self-employment tax, health insurance and other expenses necessary to do your job as a contractor (ex: rent, cell phone and internet bills, vehicle mileage)

Answer by  CJ98 (127)

You can take the same deductions as any other self employed person. For example, if you work from home, you can deduct a certain amount for your dedicated office space. If you need the Internet, you can deduct that. However, be careful when it comes to deducting amount for items that are used for both personal and business use.