Top Freelance Tax Deductions for 2024
- Home Office Expenses
- Business Supplies and Equipment
- Professional Services and Subscriptions
- Travel and Transportation Costs
- 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 Supplies and Equipment
Costs for office supplies, software, computers, and other necessary equipment can be deducted as business expenses.
Professional Services and Subscriptions
Fees for professional services such as legal or accounting services, as well as subscriptions to industry-related publications or software, are eligible for deduction.
Travel and Transportation Costs
Freelancers can deduct expenses related to business travel, including airfare, lodging, meals, and transportation. They can also deduct mileage or vehicle expenses for business-related trips.
Health Insurance Premiums
Self-employed individuals can deduct the cost of health insurance premiums for themselves, their spouses, and dependents.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), as a business expense.