- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education expenses
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 Expenses
Freelancers can deduct mileage, parking fees, and tolls for business-related travel, as well as airfare, lodging, and meals for business trips.
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 Expenses
Freelancers can deduct the costs of workshops, courses, and conferences that are related to their business and help them improve their skills.