- Home office expenses
- Health insurance premiums
- Business-related travel expenses
- Professional development and education costs
- 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-Related Travel Expenses
Freelancers can deduct expenses related to business travel, including airfare, lodging, meals, and transportation.
Professional Development and Education Costs
Costs associated with improving skills or learning new ones, such as workshops, courses, and conferences, can be deducted as business expenses.
Retirement Contributions
Freelancers can save for retirement and lower their taxable income by contributing to a retirement account, such as a SEP-IRA or Solo 401(k).