- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education expenses
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet costs if they use a dedicated space in their home for work.
Business-Related Travel Expenses
Freelancers can deduct mileage, parking fees, and tolls for work-related travel. They can also deduct expenses for meals and accommodations during business trips.
Health Insurance Premiums
Freelancers who pay for their own health insurance may be able to deduct their premiums as an adjustment to income.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts such as a SEP-IRA or Solo 401(k) as a business expense.
Professional Development and Education Expenses
Freelancers can deduct expenses related to improving their skills or staying current in their field, such as the cost of workshops, courses, and professional memberships.