- Home office expenses
- Business-related travel and transportation
- Professional development and education
- Health insurance premiums
- Retirement contributions
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, internet, and phone bills if they use a dedicated space in their home for work.
Business-Related Travel and Transportation
Freelancers can deduct expenses related to business travel, such as airfare, lodging, meals, and transportation. They can also deduct mileage for business-related driving.
Professional Development and Education
Freelancers can deduct the costs of workshops, courses, conferences, and other educational expenses that are directly related to their business.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct the cost of their health insurance premiums.
Retirement Contributions
Freelancers can maximize tax savings by contributing to a retirement account, such as a SEP-IRA or Solo 401(k), and deducting those contributions from their taxable income.