- 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, and internet costs 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 or car expenses for business-related trips.
Professional Development and Education
Freelancers can deduct the costs of workshops, courses, and other educational materials that are directly related to their business and help them improve their skills.
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 deduct contributions to retirement accounts, such as a SEP-IRA or solo 401(k), which can help reduce their taxable income and save for the future.