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When new business owners, freelancers and independent contractors understand this concept, the first question that always comes to them is: "What expenses can I deduct?" ![]() By tracking your business expenses throughout the year, you are able to apply those business expenses against your income and reduce it, thereby by reducing your income taxes. You see, your taxes are based on your net income. In order for the contractor to be reimbursed, contracting officers must use C4004C in the contract.As a freelancer and independent contractor you are eligible to deduct business expenses against your income. #Reimbursement of contractor expenses plus#The commanding officer of the establishment must, upon request, advise the contractor as to the availability of these facilities, which must reduce direct contract expenses.Īny costs incurred by the contractor for the use of these facilities, plus any incidental expenses incurred, will be reimbursed under the contract, together with allowances for profit and/or administrative overhead.
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