Top Tax Deductions For Fashion Freelancers

tax deductions, fashion freelancers, fashion industry, tax preparation, fashion stylist, fashion photographer

Your Guide To Top Tax Deductions For Fashion Freelance Professionals

Being a freelancer in the fashion industry is exciting! Freelancing offers many opportunities.  You can set your own hours, work on projects you are most passionate about, and be your own boss. It also comes with it’s own set of challenges. Tax preparation is one of them! Many freelancers don’t understand what tax deductions they are entitled to, or what is a reasonable expense for their business.

Freelancers in the fashion industry have the potential of writing off many tax deductions via their work expenses. Do you have a freelance business and want to know if you qualify for some of these tax deductions? To find out, I asked Susan Lee, a Certified Financial Planner™ in New York City, who specializes in working with freelancers, artists, writers, etc.


We couldn’t cover every possible angle of the fashion freelance business in just one post! This article is part of a 5 part Fashion Freelancer Business Series. If you are considering freelancing check out the other articles that are part of this series at the bottom of the page.


Who Can Take These Deductions?

When we talk about freelancers I am referring to people who are independent consultants. They are hired on a contract basis for a set period of time or for a particular project. They usually file their taxes with a 1099 form; NOT the general W2 that you would receive from an employer.

There are a lot of different types of freelancers in the fashion industry. Below is a list of the most common types:

  1. Designers/ Technical Designers
  2. Illustrator
  3. Stylist
  4. Photographer
  5. Model
  6. Make-up artist/ hair stylist
  7. Public Relations/ Publicist
  8. Writer/ Editor/ Author
  9. Fashion Show producer

Networking in fashion, fashion industry networking, fashion network, fashion career advice, networking tips, networking advice

Most Common Tax Deductions For Freelancers

tax deductions, fashion freelancers, This is a basic list of typical expenses incurred by freelancers in the fashion industry. You may have others. This list was curated by Susan Lee EA, CFP®  via FreelanceTaxation.com. To be sure you qualify for any of these expenses you should check with your tax professional first.

  • Book, magazines, reference material
  • Office supplies
  • Cabs, subways, buses
  • Telephone/internet
  • Promotion
  • Office rent
  • Gas and electric
  • Memberships (professional organizations)
  • Messengers, private mail carriers, postage
  • Business insurance
  • Tax preparation
  • Travel
  • Business meals and entertainment
  • Equipment
  • Software
  • Mortgage interest/taxes
  • Legal and professional fees

Other Tax Deductions

The below list is for fashion entrepreneurs who may have their own small business. This list is in addition to the above. Again, This list was curated by Susan Lee EA, CFP®  via FreelanceTaxation.com. You may have other deductions and not all of these will apply to you. To be sure you qualify for any of these expenses you should check with your tax professional first.

  • Business gifts
  • Business insurance
  • Copying, printing
  • Agents commissions (if included in income)
  • Editorial fees
  • Cultural events/ museum entrance fees
  • Film & processing
  • Hanging fees, entry fees, framing
  • Samples
  • Supplies
  • Film developing/processing
  • Film supplies
  • Props
  • Studio rent
  • Legal fees

Disclaimer Information

No Rendering of Advice The information contained within this article is provided for informational purposes only, and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional tax planner or financial planner. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional tax and/or financial planner.

Freelancers, Tycoon app, fashion industry, fashion career, freelancer tips

Are You A Freelancer & Need Help Staying Organized?

Burn your notebook, put away your calendar, say goodbye to Excel forever. Tycoonapp is the easiest financial management tool available for freelancers. With Tycoonapp, you can enter your jobs in any currency, see your income divided by payment status, and send pre-populated email reminders to clients when payments are past due.
 
Our premium features let you deduct commission fees as well as a percent of taxes from each job so you know what your actual take home income is. This feature is great to help you track how much money you should be saving for taxes throughout the year. Enjoy 3 months of free access by using promo code: PICKGLASS.

Fashion Freelance Business Series:

Is Freelancing Right For You?

Build Your Career By Freelancing

Top Tax Deductions For Fashion Freelancers

How To Build A Successful Freelance Business

Interview With Jennifer Diana of DJD Studios

Advice From Top Fashion Freelancers

tax deductions, fashion freelancers, fashion industry, tax preparation, fashion stylist, fashion photographer
tax deductions, fashion freelancers, fashion industry, tax preparation, fashion stylist, fashion photographer
tax deductions, fashion freelancers, fashion industry, tax preparation, fashion stylist, fashion photographer