Top Freelance Tax Deductions for 2024
- Home Office Expenses
- Business Supplies and Equipment
- Professional Development and Training
- Health Insurance Premiums
- Travel and Transportation Costs
Home Office Expenses
As a freelancer, you can deduct a portion of your rent or mortgage, utilities, internet, and phone bills if you use a dedicated space in your home for work.
Business Supplies and Equipment
You can deduct expenses for items such as computers, software, office furniture, and other necessary supplies for your freelance business.
Professional Development and Training
Costs associated with workshops, courses, and other forms of professional development directly related to your freelance work are eligible for deduction.
Health Insurance Premiums
Freelancers can deduct the cost of health insurance premiums, including dental and long-term care coverage, for themselves, their spouse, and dependents.
Travel and Transportation Costs
If you travel for business purposes, expenses such as mileage, parking, tolls, and public transportation can be deducted. Additionally, meals and accommodations while traveling for work may also be eligible for deduction.