Employee vs. independent contract?
As an independent contractor, you can deduct from your taxable income any necessary expenses related to your business. According to the IRS, a "business expense," to be deductible, must be "both ordinary and necessary." An "ordinary expense" is one that is common and accepted in your industry. A "necessary expense" is one that is helpful and appropriate for your trade or business. For example, if you use wood or foam blocks as props, or throw a vegetarian party to discuss a new contract, rent payment of your own home, where you do privates - all those costs would likely qualify as a deductible business expense; so too would your yoga mat, folding chairs, blankets, and straps. .>>> Sounds good.
Full story read here: Yogajournal
P.S. Love the image of this lady on the right. :-)
As an independent contractor, you can deduct from your taxable income any necessary expenses related to your business. According to the IRS, a "business expense," to be deductible, must be "both ordinary and necessary." An "ordinary expense" is one that is common and accepted in your industry. A "necessary expense" is one that is helpful and appropriate for your trade or business. For example, if you use wood or foam blocks as props, or throw a vegetarian party to discuss a new contract, rent payment of your own home, where you do privates - all those costs would likely qualify as a deductible business expense; so too would your yoga mat, folding chairs, blankets, and straps. .>>> Sounds good.Full story read here: Yogajournal
P.S. Love the image of this lady on the right. :-)
