Unlike the salaried, tax return for a freelancer is complex. Therefore, it's normal to get a bit anxious about taxes and savings when you are running the show yourself. Being aware about what you can claim and how to go about it can save you some tax. One of the significant differences between a salaried return and a freelancer's return is that expenses related to your work can be deducted from your freelancing income. Here are some of the expenses you can claim. Cost of your workspace - is a deductible expense. If you work from a proper office space, rent paid by you, expenses towards its maintenance can be deducted from your freelancing income. If you have not taken up a formal space, and work from your homeor your parent's home, you are allowed to claim a reasonable portion of expenses towards your freelancing work. You can enter into an agreement with your parents and pay them rent, and claim this rent as your business expense. If you work out of your own house, you can attribute a portion of maintenance expenses to your freelancing work.
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