Get Organized for Tax Season with Expense Categories

Working with freelancers and new small business owners, a question I hear often is “What can I deduct?”

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The short answer is any ordinary and necessary expenses of running your business. Ordinary expenses are ones that are common and accepted in your field. Necessary means those that are helpful and appropriate for your business.

I recently wrote a post for Freshbooks that covers common deductible expenses, differentiating between assets that need to be capitalized versus expenses, and how to set up expense categories in Freshbooks.

An Easy Solution to Organized Taxes: Business Expense Categories

If you’re wondering what you can deduct or just trying to get your expenses organized before tax time, give it a read. I hope it helps!

 

 

Mortgage APR vs. Interest Rate: What’s the Difference?

One of the things I like most about writing about personal finance topics is getting the chance to learn things I didn’t know previously. I’ve bought three homes over the years while I noted that my lenders provided both an interest rate and an APR, I never asked about the difference between those two numbers.

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Photo by Sergey Zolkin on Unsplash

 

Recently, I had the chance to answer that question for Lending Tree. It made me wish I could go back in time and take a closer look when I bought my mortgage!

Check out my article: Mortgage APR vs. Interest Rate: What’s the Difference?

What’s something you wish you knew before you bought a home?

Failure to File Form 1099-MISC: An Expensive Mistake

Whether you’re working your side hustle or working your business full-time, issuing 1099s is a crucial, yet often overlooked aspect of running a small business. Can you really afford to ignore your obligation? It’s a pretty expensive mistake.

5top tax &accounting tips for new freelancers (4)
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Who needs to file Form 1099-MISC?

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