Top Freelance Tax Deductions for 2024
- Home Office Expenses
- Health Insurance Premiums
- Business Travel Costs
- Professional Development and Training
- Retirement Contributions
Home Office Expenses
Freelancers can deduct expenses related to their home office, such as rent, utilities, and internet costs, based on the percentage of their home used for business purposes.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct the cost of their health insurance premiums, including dental and long-term care insurance.
Business Travel Costs
Freelancers can deduct expenses related to business travel, including airfare, lodging, meals, and transportation, as long as the trip is primarily for business purposes.
Professional Development and Training
Costs associated with professional development, such as workshops, conferences, and online courses, are deductible for freelancers looking to enhance their skills and knowledge.
Retirement Contributions
Freelancers can benefit from tax deductions by contributing to retirement accounts, such as a SEP-IRA or Solo 401(k), allowing them to save for the future while reducing their taxable income.