- Home Office Expenses
- Business-related Travel Costs
- Health Insurance Premiums
- Retirement Contributions
- 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 in their home for work.
Business-related Travel Costs
Freelancers can deduct expenses related to business travel, such as airfare, lodging, meals, and transportation.
Health Insurance Premiums
Self-employed individuals can deduct 100% of their health insurance premiums, including dental and long-term care coverage.
Retirement Contributions
Freelancers can maximize their retirement savings and reduce their taxable income by contributing to a SEP-IRA, Solo 401(k), or other retirement plans.
Professional Development and Training
Costs associated with workshops, courses, conferences, and other professional development activities can be deducted as business expenses.