- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Professional development and education expenses
- 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.
Business-Related Travel Expenses
Freelancers can deduct expenses related to business travel, such as airfare, lodging, meals, and transportation.
Health Insurance Premiums
Freelancers who pay for their own health insurance may be eligible to deduct their premiums as a business expense.
Professional Development and Education Expenses
Costs related to improving skills or staying up-to-date in the industry, such as workshops, courses, and conferences, can be deducted.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or solo 401(k), reducing their taxable income.