Estimate your total business write-offs and see how much you could reduce your taxable income as a freelancer, gig worker, or independent contractor.
This tool estimates total deductions and potential tax savings assuming a 22% federal tax bracket.
A tax deduction reduces your taxable income, lowering the amount of income subject to tax.
Yes, if the space is used regularly and exclusively for business purposes.
Yes. Business mileage can be deducted using the IRS standard mileage rate or actual vehicle expenses.
Yes. Deductions lower net profit, which reduces both income tax and self-employment tax.
Absolutely. Proper documentation is required to substantiate deductions in case of audit.
Calculate full annual tax liability including federal and state taxes.
Plan your quarterly estimated payments and avoid penalties.
Calculate Social Security and Medicare taxes for self-employed income accurately and quickly.