- 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 mileage, parking, and tolls for business-related travel, as well as airfare, lodging, and meals for out-of-town business trips.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct their health insurance premiums, including those for their spouse and dependents.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts such as a SEP-IRA, SIMPLE IRA, or solo 401(k), reducing their taxable income and saving for the future.
Professional Development and Education Expenses
Freelancers can deduct expenses related to improving their skills or staying current in their field, such as workshops, conferences, online courses, and professional association dues.