Question

Will filling out my expenses (cell, materials some software expenses) actually help my return when i only made 6k in freelance income?

Forum|Forum|1 year ago
February 13, 2025
1 reply
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Just want to know if its actually worth it, or it wont really apply.

Yes, it will help. Any expenses you have will reduce your profit from your freelance business. Your profit will be included in your income and taxed on your federal tax return and your state tax return (assuming your state has an income tax). In addition, your freelance income is self-employment and is subject to self-employment tax, which is 15.3%. If your expenses were to exceed your income (a net loss) then you could use that loss to offset other income. So yes, in my opinion, it is worth it.

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