- Top Freelance Tax Deductions for 2024
- Home Office Expenses
- Business Supplies and Equipment
- Professional Development and Training
- Health Insurance Premiums
- Travel and Transportation Costs
- Retirement Contributions
- Marketing and Advertising Expenses
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet expenses if they use a dedicated space for their work.
Business Supplies and Equipment
Costs for purchasing necessary supplies and equipment for your freelance work, such as computers, software, and office furniture, can be deducted.
Professional Development and Training
Expenses related to improving your skills and knowledge, such as courses, workshops, and professional memberships, are eligible for deductions.
Health Insurance Premiums
Freelancers who pay for their own health insurance may be able to deduct their premiums as an adjustment to income.
Travel and Transportation Costs
Mileage, parking fees, tolls, and other travel expenses incurred for business purposes can be deducted.
Retirement Contributions
Contributions to retirement accounts, such as a SEP IRA or Solo 401(k), are tax-deductible for freelancers.
Marketing and Advertising Expenses
Costs associated with promoting your freelance services, such as website maintenance, advertising, and business cards, can be deducted.