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Returning Member

Freelance Video Editor : Can I Claim Stock Footage or Stock Music?

Hi,

 

I'm a freelance video editor and I often have to buy stock footage or music during projects and I charge my clients for them in my invoices. 

Do I have to claim these expenses during tax time? And if so how should I categorize them? Cost of goods sold?

 

Thanks in advance!

1 Reply
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Moderator

Freelance Video Editor : Can I Claim Stock Footage or Stock Music?

You can claim the expense of your stock footage. You can put it in as an "other" expense. Cost of Goods Sold is used more when you can link expenses to specific items that you sell (usually for physical products).