Top Freelance Tax Deductions for 2024
- Home Office Expenses
- Health Insurance Premiums
- Retirement Contributions
- Business Travel and Transportation
- Professional Development and Training
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet costs if they use a dedicated space for their work.
Health Insurance Premiums
Self-employed individuals can deduct their health insurance premiums, including dental and long-term care coverage, as an adjustment to income.
Retirement Contributions
Contributions to a solo 401(k) or SEP IRA are tax-deductible for freelancers, helping them save for retirement while lowering their taxable income.
Business Travel and Transportation
Freelancers can deduct expenses related to business travel, including airfare, lodging, meals, and local transportation, as long as the trip is primarily for business purposes.
Professional Development and Training
Costs associated with continuing education, workshops, conferences, and professional memberships can be deducted as business expenses for freelancers, helping them stay competitive and up-to-date in their field.