- Home Office Expenses
- Health Insurance Premiums
- Business Travel Costs
- Professional Development Expenses
- Retirement Contributions
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.
Business Travel Costs
Freelancers can deduct expenses related to business travel, such as airfare, lodging, meals, and transportation, as long as the trip is primarily for business purposes.
Professional Development Expenses
Costs related to improving skills and knowledge in the freelancer's field, such as workshops, courses, and professional memberships, can be deducted as business expenses.
Retirement Contributions
Freelancers can contribute to retirement accounts, such as a SEP-IRA or Solo 401(k), and deduct these contributions from their taxable income, reducing their tax liability.