- Home office expenses
- Health insurance premiums
- Business-related travel expenses
- Professional development and education costs
- Retirement contributions
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.
Health Insurance Premiums
Self-employed individuals can deduct their health insurance premiums, including those for themselves, their spouse, and dependents, as an adjustment to income.
Business-Related Travel Expenses
Freelancers can deduct expenses related to business travel, such as airfare, lodging, meals, and transportation, as long as the trip is primarily for business purposes.
Professional Development and Education Costs
Costs related to improving or maintaining skills relevant to the freelancer's business, such as workshops, courses, and professional memberships, are deductible.
Retirement Contributions
Freelancers can contribute to retirement accounts, such as a SEP-IRA or Solo 401(k), and deduct these contributions as a business expense.