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Question
Can services i purchase for my business on Fiver be a tax write-off?
AI accountant’s answer:

Absotootly! Freelancers you pay for business services would be categorized as “contract labor” and can be fully written off on your tax return.

Bear in mind that any contractor you pay more than $600 to needs to be issued a 1099-NEC at the end of the year.

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Answer

Absotootly! Freelancers you pay for business services would be categorized as “contract labor” and can be fully written off on your tax return.

Bear in mind that any contractor you pay more than $600 to needs to be issued a 1099-NEC at the end of the year.

No answer given yet!

Keeper Staff

Keeper is a delightfully smart tax filing software that's especially useful for people with 1099 contracting and freelance income. Our blog breaks down IRS guidance with real-world examples and analysis by tax professionals — empowering taxpayers to save money and take control of their finances.

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