Self-employed freelancers may often miss out on several tax deductions that they qualify for due to their limited knowledge about those potential tax benefits. This article discusses some helpful tips that will enable you to enjoy as many tax benefits as possible in the course of doing your work as a freelancer.
Don't Ignore Start-Up Costs
Many freelancers set up offices within their homes. Some freelancers may not know that they qualify for some tax benefits on the costs that they incur to start their businesses.
- Property depreciation is one of the best tax breaks available to investors. To claim this depreciation and make savings, you need to present a depreciation schedule to the Australian Tax Office (ATO). Depreciation schedules outline the types of assets within a property and their value. As a property owner, it is essential to know that you can also claim depreciation on renovations as well. In fact, renovating property is one of the best strategies you can use to increase your property value and claim more depreciation.
- The cost of living always seems to be on an upward trend. This often prompts a large number of citizens to adopt seemingly unorthodox ways of saving every last penny. Perhaps the government understands what the average citizen goes through in an effort to make ends meet. In order to make things easier, the government offers a number of tax breaks for eligible homeowners. Discussed in this article are three of these tax breaks for the penny-conscious homeowner.