- 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 a portion of your rent or mortgage, utilities, and internet costs if you use a dedicated space in your home for work.
Business-Related Travel Expenses
If you travel for work, you can deduct expenses such as transportation, lodging, and meals. Keep detailed records and receipts to substantiate these deductions.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct their health insurance premiums, including dental and long-term care coverage.
Retirement Contributions
Contributions to retirement accounts such as a SEP IRA or Solo 401(k) are tax-deductible for freelancers, helping to reduce taxable income.
Professional Development and Education Expenses
Costs associated with improving your skills or staying current in your field, such as workshops, courses, and professional memberships, are deductible for freelancers. Keep records of these expenses for tax purposes.