- 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 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), which can help reduce their taxable income.
Professional Development and Education Expenses
Freelancers can deduct expenses related to improving their skills or staying up-to-date in their field, such as online courses, workshops, and industry conferences.