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By paystubs at 2022-01-10 • 0 collector • 80 pageviews

The gig economy is here to stay, and study shows that 35% of today’s workforce are freelance.  The tax rules for those earning money through independent employment must evolve. A tax deduction can help with this transition, but it is easy to miss out on potential opportunities without proper records.

Tax deductions are a valuable tool for managing the financial side of an independent contractor’s business. Tax professionals take the tax deductions before calculating your taxable income. This means that they reduce the amount of money you owe in taxes by lowering your total income. Both operating expenses and capital expenditures are eligible for tax deductions.

In this article, we will discuss the top five tax deductions for independent contractors and how to take care of them.

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