Keeping You Safe with e-File
E-filing is the safest way to handle your taxes. Here's why.
ReadCan contract workers get deductions from personal bank account expenses?
More Tax Guides
You got this—all you have to do is start!
We make filing taxes delightfully simple with our flat–rate price. Every feature included for everyone.
Start filingContract 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.
Still have questions?
You got it. We’re always here to help.