Top Freelance Tax Deductions: What Can Freelancers Deduct in 2024?
- Home Office Expenses
- Business Supplies and Equipment
- Professional Services and Subscriptions
- Travel and Transportation Costs
- Health Insurance Premiums
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet expenses if they use a dedicated space in their home for work.
Business Supplies and Equipment
Costs for supplies such as paper, ink, and software, as well as equipment like computers and printers, can be deducted as business expenses.
Professional Services and Subscriptions
Freelancers can deduct fees for professional services such as legal or accounting services, as well as subscriptions to industry-related publications or professional organizations.
Travel and Transportation Costs
Travel expenses for business-related trips, as well as transportation costs for getting to and from client meetings, can be deducted.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct the cost of their health insurance premiums.