There is not a great deal that you can claim against your Acorns Income, however we have put together some potential deductions that you could claim:
- Mobile Phone: If you actively monitor your Acorns account using the data from your mobile phone plan provider, you will be able to claim a portion of your mobile phone against your Acorns income. For example if you estimate that you use 20% of your data for Acorns related usage, you will be able to claim 20% of the data portion of your bill. Please note that in order to claim this deduction you must be able to substantiate your claim.
- Newspapers/Journals: The cost associated with buying newspapers or journals that you purchase for the purpose of researching or monitoring your investments may be able to be claimed. You must apportion the use of the newspaper/journal with regards to your acorns income. For example if you just buy the newspaper for general purposes but don’t even look at the financial section, you won’t be able to make a claim. However if you buy the newspaper for the sole purpose of reading the financial section to keep you knowledge up to date around your investments, you will be able to claim this.
These are the two main deductions we can see that you would be able to justify claiming against your Acorns income. Please note that you should not claim more than you have earned as a total distribution as this would usually not be able to be substantiated.