Taxes for Consultants: Is Consulting Work Taxable?

Find out if consulting work is taxable and learn about the main tax deductions for consultants. Discover how to save money on taxes.

Taxes for Consultants: Is Consulting Work Taxable?

The income you receive from consulting is considered normal income, and you'll need to add it to any other income you earned during the year. This means that you'll be paying taxes on the total amount at your marginal tax rate, which is based on what you earned. Fortunately, consultants are likely to have deductible business expenses that can help you save a lot on your taxes. To make sure you're taking advantage of all the deductions you're entitled to, it's a good idea to create a checklist.

Here are some of the main tax deductions for consultants:

  • Travel expenses
  • Office supplies
  • Advertising and marketing costs
  • Insurance premiums
  • Professional fees
It's important to note that professional services are not taxable in Florida unless a physical product is manufactured.

Jimmy Hatman
Jimmy Hatman

Total tv expert. Music fan. Unapologetic travel fanatic. Alcohol nerd. Typical beer advocate.

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