As a freelancer, you are probably always looking for ways to reduce your expenses and increase your profits. One way you can do this is by writing off your UpWork fees as a business expense.
To write off your UpWork fees, you will need to itemize your deductions on your taxes. This means that you will need to keep track of all of your expenses throughout the year, including your UpWork fees.
You can do this by keeping receipts or by tracking your expenses in a software program like QuickBooks.
Once you have all of your expenses tracked, you will need to fill out a Schedule C form when you file your taxes. This form is used for businesses to report their income and expenses.
On this form, you will list all of your business expenses, including your UpWork fees.
You can deduct any business expenses that are considered “ordinary and necessary” for running your business. This includes things like office supplies, marketing costs, and travel expenses.
UpWork fees fall into this category, so you should be able to write them off without any problem.
Keep in mind that you can only deduct the portion of your UpWork fees that relate to the work you did through UpWork. If you used UpWork for personal reasons, such as finding a babysitter or renting a vacation home, then those expenses are not deductible.
Can I Write Off UpWork Fees?
Yes, You can deduct any business expenses that are considered “ordinary and necessary” for running your business. UpWork fees fall into this category, so you should be able to write them off without any problem.
