- Home office expenses
- Health insurance premiums
- Retirement contributions
- Business-related travel expenses
- Professional development and education costs
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet expenses if they use a dedicated space in their home for work.
Health Insurance Premiums
Self-employed individuals can deduct their health insurance premiums, including dental and long-term care coverage, as an adjustment to income.
Retirement Contributions
Contributions to retirement accounts such as a SEP-IRA or Solo 401(k) are tax-deductible for freelancers, helping them save for the future while lowering their tax bill.
Business-Related Travel Expenses
Freelancers can deduct expenses related to business travel, including airfare, lodging, meals, and transportation, as long as the trip is primarily for business purposes.
Professional Development and Education Costs
Costs associated with improving skills or staying current in the industry, such as workshops, conferences, and online courses, are tax-deductible for freelancers.