Freelancers can lose thousands in tax savings simply by overlooking deductions they are entitled to claim. With self-employment tax reaching 15.3%, per the IRS, every legitimate expense matters.
“I’ve found freelancers often don’t know they own a business,” said Gene Bott, certified public accountant (CPA), tax advisor and partner at Tax Hive. “They often get 1099s and turn them into their tax professional, unaware that they can claim all sorts of deductions.”
