- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education expenses
Home Office Expenses
As a freelancer, you can deduct expenses related to your home office, such as a portion of your rent or mortgage, utilities, and internet costs.
Business-Related Travel Expenses
If you travel for work, you can deduct expenses such as transportation, lodging, and meals. Keep detailed records to support these deductions.
Health Insurance Premiums
Freelancers can deduct the cost of health insurance premiums, including those for themselves, their spouse, and dependents.
Retirement Contributions
Contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), are tax-deductible for freelancers, helping to reduce their taxable income.
Professional Development and Education Expenses
Freelancers can deduct expenses related to professional development and education, including workshops, courses, and industry conferences. These deductions can help improve skills and knowledge while reducing tax liability.