Tax guide

Can contract workers get deductions from personal bank account expenses?

Contract workers can only deduct expenses that were used exclusively for business. Some equipment (also known as assets) purchased for your business may be depreciable, too, so you can spread out the expense deduction over the life of the asset.

You’ll need receipts and records to validate business-related expenses, and if the expense was directly related to your business, generally you can deduct the whole amount.

You may also be able to deduct a percentage of an expense used both for business and personal use. Here, you’re required to keep track of the percent of business use so you can accurately apportion the expense. Having separate bank and credit accounts for your business makes tracking these expenses even easier.

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