Simplified Tax Deduction Service: Who Qualifies and What You Get
Freelancers can use this service to automatically calculate deductible expenses like medical and insurance costs to simplify tax season.
This service helps freelancers automatically calculate certain deductible expenses to make tax filing easier.
Who it's for
This is designed for freelancers who have had income tax deducted at the source.
What you get
The service provides an automated calculation of various deductible expenses. This includes costs such as your medical bills and insurance premiums, saving you from having to manually track every single item.
What it costs you
While the service itself is a tool for your convenience, you are still responsible for keeping and organizing physical or digital receipts for any expenses that are not automatically tracked by the system.
The catch to know
The automation is not complete. It does not automatically track your business-related supply costs, so you must manage those records yourself to ensure they are included in your deductions.
How to apply
- Visit the official tax portal.
- Log in to your account.
- Locate the service for automated expense calculations.
- Review your automated data and manually add any necessary receipts for non-automated costs.