What is Freelance Tax Deduction Calculator?

The Freelance Tax Deduction Calculator is a helpful tool that allows freelancers to estimate their tax liability after accounting for deductible expenses. By inputting total income, deductible expenses, and tax rate, this calculator provides a clear breakdown of taxable income, tax amount, and net income. It helps freelancers plan their finances accurately, optimize deductions, and avoid surprises during tax season.

How to Use:

1. Enter Total Income: Input your total annual income from freelance work.
2. Enter Deductible Expenses: Input any business-related expenses that can be deducted.
3. Enter Tax Rate: Input your applicable tax rate as a percentage. A default value (e.g., 15%) may be provided.
4. Click “Calculate Tax”: The tool will compute taxable income, tax amount, and net income after tax.
5. Review Results: Check the summary to understand your tax liability and plan your budget effectively.