Selling your home? It could reduce your freelance taxes

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The biggest factor in determining the tax you’ll pay on the sale of your home is the capital gains exclusion. Even if you don’t qualify for the full exclusion, you might be able to deduct.

Even if you don't sell your home in the spring, you may still be able to take advantage of a tax break and reduce your freelance tax burden this.

 · If you’re selling your home, odds are you’ll incur a hefty tax bill. Here’s how to lessen the tax bite on the profit from your biggest financial asset.

And, you may be even to reduce your taxable income by knowing which. you'll claim as a freelancer and do you most of your work from home – whether you. If you sell products on sites like Etsy, you can also add that here.

Home Selling · Dave's Home Sellers Guides · Tax Tips · Do you Need a Tax Pro?. If you're not careful, you could lose a large chunk of your freelance income to an. Tax deductions lower your taxable income, potentially reducing your tax bill. Computer equipment and software; Travel and business meals; Home office.

A home office can provide a great tax deduction if you have a business, or are. However, taking this deduction could have a tax impact when you sell your home.. are taxed at a 25% rate (unless your income tax bracket is lower than 25%).

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If you are a small business owner, an independent contractor, or someone who maintains an office at home for the convenience of your employer, you may qualify for a tax break by using the home-office deduction.. The home-office deduction allows you to deduct a portion of the cost to run and maintain your home as a business expense.

 · Capital gains tax in California is due to both federal (the IRS) and state tax agencies (the franchise tax board or FTB), so it’s common to feel like one is being double-taxed in the process of a home sale. Fortunately, there is also an exemption built into the various tax laws, known as the capital gains real estate tax exemption.