- Home Office Expenses
- Business Supplies and Equipment
- Professional Development and Training
- Health Insurance Premiums
- Travel Expenses
- Meals and Entertainment
- Internet and Phone Bills
- Self-Employment Taxes
- Retirement Contributions
- Charitable Contributions
Home Office Expenses
As a freelancer, you can deduct expenses related to your home office, such as rent, utilities, and internet costs, based on the percentage of your home used for business purposes.
Business Supplies and Equipment
You can deduct the cost of supplies and equipment necessary for your freelance work, such as software, computers, and office furniture.
Professional Development and Training
Expenses for workshops, courses, and professional development related to your freelance work are tax-deductible.
Health Insurance Premiums
Freelancers can deduct the cost of health insurance premiums, including dental and long-term care insurance, for themselves, their spouses, and dependents.
Travel Expenses
Travel expenses for business-related trips, including mileage, airfare, and accommodations, are deductible for freelancers.
Meals and Entertainment
You can deduct 50% of the cost of meals and entertainment directly related to your freelance business.
Internet and Phone Bills
The portion of your internet and phone bills used for business purposes is tax-deductible for freelancers.
Self-Employment Taxes
Freelancers can deduct half of their self-employment taxes, which include Medicare and Social Security taxes.
Retirement Contributions
Contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), are tax-deductible for freelancers.
Charitable Contributions
Any charitable donations made by freelancers are tax-deductible, providing an opportunity to give back while reducing tax liability.