![]() You are not an independent contractor if you perform services that can be controlled by an employer (what will be done and how it will be done). To find out what your tax obligations are, visit the Self-Employed Individuals Tax Center. I can now continue with my tax submission on your platform.Įxcellent, let me know you have any further problems.Īnd tagged Salary / IRP5, Independent Contractor, Deductions, Commission, Depreciation / Wear and Tear, Travel Allowance. The earnings of a person who is working as an independent contractor are subject to self-employment tax. we ask all these questions under the Tax Deductions section on our process. Independent contractors are more likely to have unreimbursed expenses than are employees. When you take into consideration all your business expenses, this can result in quite a bit of savings. Your travel costs can also be claimed, if you traveled less than 8000km, then you can claim the SARS rate per km x the business travel you did. The extent to which the worker has unreimbursed business expenses. Deductible Business Expenses for Independent Contractors By Chris McQueen, CPA As an independent contractor, you qualify to deduct 100 of business expenses from your taxable income. Parking fee and toll taxes are also deductible expenses. ![]() The IRS standard mileage rate is about 57 cents per mile for tax deduction purposes. Yes you can, you would include the costs expended under the Other Section of the Tax Deductions section on TaxTim. Tracking the money you bring in and the money you send out of your account is essential as an independent contractor. Car expenses and mileage are, therefore, one of the most significant tax write-offs for independent contractors. What I want to know is can I claim, under the allowable expenses, for things such as vehicle depreciation/KMs traveled/vehicle service costs etc?Īlmost all my work related travels are from home to the client site and back, which I have kept a log book for. I don't get any allowance, and my company pays income tax every month. Hi, I'm an independent contractor and my income is indicated under code 3616.
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