Self-employment expenses

Below is the full transcript for the above video.

Now that you’ve finished entering your self-employed income, it’s time to enter your expenses. This is where the benefits of being self-employed come in.

Expenses reduce your taxable income. The cost of things like your mobile phone bill or rent are fully deductible this year.

Any assets like equipment and computers will be deducted over many years as they depreciate.

But all of these expenses will reduce your taxable income.

TurboTax gives you the option to import your transactions by connecting directly to your bank and credit cards to find eligible expenses. Link to your account and sign in, and TurboTax will take care of the rest.

Once your transactions are downloaded, you’ll be able to review and categorize them before they’re added to your tax return to ensure you get all the potential deductions you can.

If you’d rather enter your transactions manually, gather your receipts, invoices, or bank statements and choose Type in my expenses.

The next few screens are tailored to your industry, highlighting the expenses that are most relevant to you. We’ll even check for expenses you might have missed, and guide you through completing each category with plenty of examples and help along the way.