- 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 in their home for work.
Health Insurance Premiums
Self-employed individuals can deduct the cost of health insurance premiums, including dental and long-term care coverage.
Business-Related Travel Expenses
Freelancers can deduct the costs of travel for business purposes, such as airfare, hotel accommodations, and meals.
Professional Development and Education Costs
Expenses related to improving skills and knowledge in your field, such as workshops, courses, and books, 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 those contributions from their taxable income.