Top Freelance Tax Deductions in 2024: What Expenses Can Freelancers Write Off to Maximize Savings?

Top Freelance Tax Deductions in 2024: What Expenses Can Freelancers Write Off to Maximize Savings?

  1. Home office expenses
  2. Business-related travel
  3. Health insurance premiums
  4. Professional development and education
  5. Technology and software

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

Freelancers can deduct expenses related to business travel, including mileage, airfare, lodging, and meals.

Health Insurance Premiums

Freelancers who pay for their own health insurance may be able to deduct their premiums as a business expense.

Professional Development and Education

Costs associated with continuing education, workshops, conferences, and professional memberships can be deducted as business expenses.

Technology and Software

Freelancers can write off the cost of computers, software, and other technology used for their business.

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