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Anna says: 16 April 2024 at 16:49 I work two jobs as an independent contractor in addition to my full-time salary. I use the same fibre internet connection for both these jobs which is debited on a monthly basis. Am I correct in saying I can only claim for it once on my tax return, and not twice for both jobs? Then I also want to know if my TaxTim payment is deductible? |
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TaxTim says: 17 April 2024 at 9:45 Yes, you're correct. When it comes to tax deductions for expenses related to your work as an independent contractor, including your internet connection, you can only claim it once on your tax return, even if you use it for multiple jobs. However, you'll need to determine what portion of your internet usage is specifically for your independent contractor work, (apportion it between the different jobs and private usage) and you can deduct that proportionate amount but claiming it twice for both jobs wouldn't be appropriate since it's the same expense being used for both. As an independent contractor, you can typically deduct various business expenses from your taxable income, including but not limited to: -accounting/ bookkeeping fees -Other Business Costs: This can include expenses such as office supplies, equipment, travel related to your work, professional fees, software subscriptions, etc. Click here for more information for independent contractors. Please note, that it's important to keep detailed records of these expenses and ensure that they are directly related to your work as an independent contractor. Additionally, you may need to pro-rata certain expenses if they're used for both personal and business purposes. You will also need to register as a Provisional taxpayer and pay tax twice a year on your freelance income, this should help lighten the tax burden once tax season starts. Provisional tax is the tax that you pay over to SARS two, or sometimes three times a year. It is for people who do not have a conventional employer who deduct tax from their salary and pay this to SARS. Click here for more information on provisional tax. |
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