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Returning Member

Consulting business

I work remotely at home doing consulting work. My clients pay me via PayPal and Venmo which is linked to my personal bank account. I do not have an LLC nor a separate business account. When I file taxes, am I still able to deduct overhead expenses like monthly rent, internet, software & office supplies? Can that be deducted quarterly or only annually?

1 Reply
Level 15

Consulting business

Keep good records of your income. It would be preferable to have a business account separate from your personal account. You can deduct any expenses incurred by your business. If you are claiming a home office, the space must be used exclusively and regularly for your business. If you watch TV, for example, in that space, it doesn’t qualify. Only the business percentage of expenses such as utilities, etc. can be deducted. 

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