- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Professional development and education costs
- Retirement contributions
Home Office Expenses
As a freelancer, you can deduct a portion of your rent or mortgage, utilities, and internet costs if you use a dedicated space in your home for work.
Business-Related Travel Expenses
You can deduct expenses related to business travel, such as airfare, hotel accommodations, rental cars, and meals while away from home for work.
Health Insurance Premiums
Freelancers can deduct the cost of health insurance premiums for themselves, their spouses, and dependents, as long as they are not eligible to participate in a subsidized health plan through an employer.
Professional Development and Education Costs
You can deduct expenses related to improving your skills or staying current in your field, such as the cost of workshops, conferences, online courses, and professional memberships.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), which can help reduce taxable income and save for the future.