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- Tax Day 2019 is Monday, April 15.
- If you work as an independent contractor, you are entitled to certain tax deductions for your business expenses.
- Even if your contract work is just a side gig, you're still running a business, so it's important to track your expenses.
- We spoke with CPA and certified financial planner Harvey I. Bezozi about the deductions that independent contractors can use to reduce the amount of tax they owe.
With the rise of the gig economy, many more people are now having to consider the tax implications of working as independent contractors. When you are an independent contractor, the IRS considers you a business owner, even if you contract full-time for one client.
Independent contracting comes with additional tax burdens (e.g., there is no employer contribution, so the entire payroll tax burden falls to you). On the other hand, you can deduct expenses that you couldn't take as an employee.
Harvey I. Bezozi, a CPA and CFP, has worked with small businesses for more than three decades. He shared with us this list of tax deductions that every independent contractor should know about.