- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education expenses
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 mileage, parking, tolls, and other travel expenses related to client meetings, networking events, or other business-related trips.
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
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), which can lower their taxable income and help save for the future.
Professional Development and Education Expenses
Freelancers can deduct the costs of workshops, conferences, online courses, and other professional development expenses that are directly related to their business.