Freelance taxes and expenses in the US
Tax and expense questions for US freelancers and 1099 contractors: estimated payments, which costs are deductible, what records to keep and how long. Figures come from the IRS with the tax year stated. This is general information, not tax advice; a CPA or enrolled agent knows your situation.
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- Quarterly estimated taxes for freelancers in 20262026 estimated tax due dates, the safe harbor rules that prevent a penalty and a worked example of how a freelancer calculates each quarterly payment.
- Freelance tax deductions checklist for 2026A 2026 checklist of freelance tax deductions: home office, mileage at 72.5 and 76 cents, software, health insurance, retirement, meals and records.
Articles
- Bookkeeping software for freelancers, comparedQuickBooks Solopreneur, Wave, FreshBooks, Keeper or a spreadsheet: yearly and 3-year cost from each site, and which one fits your Schedule C.
- CPA, enrolled agent, bookkeeper or software: who does whatDo you need an accountant as a freelancer? What a CPA, enrolled agent, bookkeeper and software each do, and how to check a preparer with the IRS.
- Filing Form 1099-NEC when you hire subcontractorsPay a subcontractor $2,000 or more in 2026? Get a W-9 first, file Form 1099-NEC by February 1, 2027, and leave card payments off. Steps and an example.
- TurboTax vs H&R Block vs Keeper for self-employed taxesTurboTax, H&R Block, Keeper or IRS Free File for a Schedule C return: prices from each site, what each includes, and which to choose.
- When should a freelancer elect S corp status?S corp break-even for freelancers in 2026: payroll tax saved minus lost QBI, payroll and 1120-S costs, at $60k, $100k and $150k of profit.
- Can freelancers deduct business meals? The 50% ruleFreelancers can deduct 50% of business meals with clients or while traveling. Entertainment is 0%. Examples, exceptions and the records to keep.
- Cash vs accrual accounting for freelancersCash accounting counts money when it moves; accrual counts it when you invoice or get billed. One freelance month shown both ways, and which to pick.
- How to make a simple profit and loss statement as a freelancerA simple monthly profit and loss template for freelancers, a filled-in example month and where each number comes from in your invoices and receipts.
- How long should freelancers keep receipts and records?IRS record periods for freelancers: 3 years in most cases, 6 if income was underreported by 25%, 7 for bad debts, and asset records until sold.
- Schedule C expense categories, mapped to everyday freelance costs30 everyday freelance costs mapped to their Schedule C line: software, contractors, mileage, meals, phone, coworking and what doesn't belong there.
- The self-employed health insurance deduction (Form 7206)Who can take the self-employed health insurance deduction on Form 7206, the month-by-month employer plan rule, the profit limit and worked examples.
- The QBI deduction for freelancers in 2026How the 20% QBI deduction works for freelancers in 2026: the $201,750 threshold, the $75,000 phase-in, service business limits and three examples.
- 1099-K vs 1099-NEC: which form you'll get and why1099-NEC: a client paid you $2,000+ by check or ACH. 1099-K: a payment app passed $20,000 and 200 payments. How to report each dollar once.
- Do freelancers need a separate business bank account?Sole proprietors don't legally need a business bank account, but one makes records, deductions and IRS questions easier. What to bring to open one.
- How much should a freelancer set aside for taxes?2026 set-aside for freelancers at $30k, $60k, $100k and $150k profit: SE tax plus federal income tax, with and without California, worked out.
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