- 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 in their home for work.
Business-Related Travel Expenses
Freelancers can deduct expenses related to business travel, such as airfare, lodging, meals, and transportation.
Health Insurance Premiums
Freelancers who pay for their own health insurance may be able to deduct their premiums as an above-the-line deduction.
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.
Professional Development and Education Expenses
Freelancers can deduct expenses related to professional development, such as courses, workshops, and conferences that help improve their skills and knowledge in their field.