Can I make freelancer / self employed deductions even if I have a w2 job but do freelance work on the side?
AI accountant’s answer:
Yes, you can definitely make deductions for your freelancer or self-employed expenses even if you have a W-2 job and do freelance work on the side. Your freelance income and expenses would be reported on a separate Schedule C (Form 1040) as part of your individual tax return. The deductions you take for your self-employed expenses would help reduce your taxable income from your freelance work. Just make sure that the deductions are directly related to your freelance business and ordinary and necessary for your line of work.
Correct.
Keeper’s AI Accountant V2
V2 is still a fine-tuned instance of GPT-4. Improvements over V1 include more comprehensive tax code embeddings, and a better chain-of-reasoning retrieval system.