![]() You can come to TurboTax and fully hand your taxes off to a TurboTax Live Self-Employed tax expert who can do your taxes from start to finish.īelow is more information regarding the TurboTax Self-Employed Tax Deductions for some of the most popular careers. When you are ready to file your taxes, TurboTax Self-Employed will guide you and search for industry specific deductions that you may not even know about. Our calculator allows you to select your specific self-employed industry(over 30) and discover what self-employed business tax write-offs and expenses you can deduct as a 1099 independent contractor or freelancer so you don’t leave any money on the table. To help you uncover tax write offs specific to your business, we created a fun and engaging Self-Employed Tax Deductions Interactive Calculator that will help you uncover self-employed tax deductions to help you save on your taxes whether you are a dog walker or a content creator. If this is you, you may be wondering, “now that I am making money from my self-employed business, how can I save money on my taxes?” and “what are some self-employed expenses I can deduct?” People have jumped into everything from being online merchants to content creators and influencers on platforms like TikTok, OnlyFans, and Instagram. Please refer to your advisors for specific advice.We’ve experienced the full force of the Great Resignation and have seen many turn to self-employment in the wake of the pandemic. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. For more information about our organization, please visit ey.com. Ernst & Young Global Limited, a UKĬompany limited by guarantee, does not provide services to clients. In so doing, we play a critical role in building a better working world for our people, for our clients and for ourĮY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Weĭevelop outstanding leaders who team to deliver on our promises to all of our stakeholders. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. All rights reserved.ĮY | Assurance | Tax | Transactions | AdvisoryĮY is a global leader in assurance, tax, transaction and advisory services. This assumption is consistent with prior year rates. Where the dividend tax credit exceeds the federal and provincial tax otherwise payable on the dividends, the rates do not reflect the value of the excess credit that may be used to offset taxes payable from other sources of income. Eligible dividends are those paid by public corporations and private companies out of earnings that have been taxed at the general corporate tax rate (the dividend must be designated by the payor corporation as an eligible dividend). * The rates apply to the actual amount of taxable dividends received from taxable Canadian corporations. ![]() ![]() To determine the value of other non-refundable tax credits that may be available, as well as to find out more information on provincial health premiums and other levies, see the individual rate cards. ![]() Provincial health premiums and other levies are also excluded from the tax payable calculations. These calculations do not include non-refundable tax credits other than the basic personal tax credit. ![]()
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