Why should you track your business deductions?

Business deductions are your best friend if you have any type of 1099 or self-employment income. You can deduct anything you buy to do your work — but for it to be deductible, you have to track it. 

How do deductions work? Essentially, part of every dollar you spend on your business comes off your tax bill at the end of the year. So if you don’t track what you’re spending, you end up paying more taxes than you should!

Still confused? Take a look at our article on tax deductions. It’s one of the many free resources we offer to freelancers, gig workers, and small business owners.

Not finding what you need (or have a specific question that isn’t answered)? You can send a message to your tax assistant under "Ask" located on the app!