- Home office expenses
- Business-related travel expenses
- Professional development and education expenses
- Health insurance premiums
- 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 for their work.
Business-Related Travel Expenses
Freelancers can deduct mileage, parking, and tolls for business-related travel. They can also deduct meals and accommodations while traveling for work.
Professional Development and Education Expenses
Freelancers can deduct the costs of workshops, courses, and conferences that are directly related to their business.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct their health insurance premiums.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or solo 401(k), which can help reduce their taxable income and save for the future.