Jack Woods


Central Business Solutions 

301 Lynnfield Street, P.O. Box 3169 Peabody, MA 01960


Phone:  978-532-0266

Fax:      978-532-9105


1147 Main Street, Suite 213, P.O. Box 299 Tewksbury, MA 01876


Phone: 978-851-8044

Fax:     978-851-9332


Email: jack@cbps.com

August 2020

August 2020 Q and A

Question and Answer

I was an unemployed graphic designer, but now I’m working as a freelancer from home. What expenses can I deduct?

Transitioning from unemployed to self-employed changes the way you file taxes. There are many deductions that could apply to your situation, from home office space, supplies and equipment to retirement contributions and health insurance premiums. It is important to consult a tax specialist and track expenses early on so that you do not overlook any deductions to which you are entitled. You can also refer to the IRS website for tips on how to deduct your small business expenses:

I live in a condo and my homeowners association (HOA) is imposing a special assessment on residents to fund new roofs. Can I deduct the assessment on my 2020 taxes?

No. If it is your residence, like any other homeowner, repairs are not tax deductible. However, you can use the assessment as a deduction if you rent out all or part of the property as a landlord, although rentals come with a whole set of different rules. Home improvements that substantially enhance the value or usefulness of the property are deductible, however.


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