- Home Office Expenses
- Health Insurance Premiums
- Business Travel Costs
- Professional Development and Training
- Office Supplies and Equipment
- Internet and Phone Bills
- Marketing and Advertising Expenses
- Retirement Contributions
- Self-Employment Taxes
- Business Insurance Premiums
Home Office Expenses
As an independent contractor, you can deduct a portion of your rent or mortgage, utilities, and other home-related expenses if you use a designated space for work.
Health Insurance Premiums
If you are self-employed and pay for your own health insurance, you can deduct the cost of your premiums.
Business Travel Costs
You can deduct expenses related to business travel, including airfare, lodging, meals, and transportation.
Professional Development and Training
Costs associated with improving your skills or learning new ones for your freelance work are deductible.
Office Supplies and Equipment
You can deduct the cost of office supplies, furniture, and equipment necessary for your freelance business.
Internet and Phone Bills
A portion of your internet and phone bills can be deducted if they are used for business purposes.
Marketing and Advertising Expenses
Costs related to promoting your freelance services, such as website maintenance, advertising, and business cards, are deductible.
Retirement Contributions
Contributions to a retirement account, such as a SEP-IRA or Solo 401(k), are tax-deductible for independent contractors.
Self-Employment Taxes
You can deduct half of the self-employment taxes you pay as an independent contractor.
Business Insurance Premiums
Premiums paid for business insurance, such as liability or professional indemnity insurance, can be deducted as a business expense.