- Top Strategies for Maximizing Savings
- Home Office Expenses
- Business-related Travel Costs
- Professional Development and Training
- Health Insurance Premiums
- Retirement Contributions
Home Office Expenses
Freelancers can claim a portion of their rent or mortgage, utilities, and internet costs if they use a dedicated space for work.
Business-related Travel Costs
Freelancers can deduct mileage, parking, and tolls for business-related travel. Additionally, airfare, lodging, and meals for business trips are also eligible for deductions.
Professional Development and Training
Expenses related to improving skills or learning new ones, such as workshops, courses, and educational materials, can be claimed as deductions.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct their health insurance premiums, including dental and long-term care coverage.
Retirement Contributions
Contributions to retirement accounts, such as a SEP IRA or Solo 401(k), are tax-deductible for freelancers, providing long-term savings and tax benefits.