- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education expenses
Home Office Expenses
Self-employed individuals can deduct a portion of their rent or mortgage, utilities, and other home-related expenses if they use a dedicated space for their business.
Business-Related Travel Expenses
Freelancers can deduct expenses related to business travel, including airfare, lodging, meals, and transportation.
Health Insurance Premiums
Self-employed individuals can deduct the cost of health insurance premiums for themselves, their spouse, and dependents.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), reducing their taxable income.
Professional Development and Education Expenses
Self-employed workers can deduct expenses related to professional development, such as courses, workshops, and conferences that are directly related to their business.