Top Freelance Tax Deductions for 2024
- Home Office Expenses
- Business Supplies and Equipment
- Professional Services and Subcontractors
- Travel and Transportation Costs
- Health Insurance Premiums
- Retirement Contributions
- Marketing and Advertising Expenses
- Education and Training Costs
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 Supplies and Equipment
Costs for office supplies, software, and equipment such as computers, printers, and furniture can be deducted as business expenses.
Professional Services and Subcontractors
Payments made to other freelancers or professionals for services rendered can be deducted as business expenses.
Travel and Transportation Costs
Freelancers can deduct expenses related to business travel, including mileage, parking, and public transportation fares.
Health Insurance Premiums
Self-employed individuals can deduct the cost of health insurance premiums for themselves, their spouses, and dependents.
Retirement Contributions
Contributions to retirement accounts such as a SEP-IRA or Solo 401(k) are tax-deductible for freelancers.
Marketing and Advertising Expenses
Costs for promoting and marketing a freelance business, such as website hosting fees, advertising, and business cards, can be deducted.
Education and Training Costs
Expenses for courses, workshops, and professional development related to the freelancer's business can be deducted as business expenses.