- Home office expenses
- Business-related travel
- Health insurance premiums
- Retirement contributions
- Professional development and education
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet costs if they use a dedicated space for work.
Business-Related Travel
Freelancers can deduct mileage, parking, and tolls for business-related travel. They can also deduct meals and accommodations while traveling for work.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct their health insurance premiums.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), reducing their taxable income.
Professional Development and Education
Freelancers can deduct the cost of workshops, courses, and conferences that are related to their business, helping them stay current and competitive in their field.