- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet costs if they use a dedicated space for work.
Business-Related Travel Expenses
Freelancers can deduct mileage, parking fees, and tolls for business-related travel, as well as a portion of meals and accommodations while away from home for work.
Health Insurance Premiums
Freelancers who are not eligible for employer-sponsored health insurance can deduct their health insurance premiums, including dental and long-term care insurance.
Retirement Contributions
Freelancers can deduct contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), which can help reduce taxable income and save for the future.
Professional Development and Education
Freelancers can deduct the cost of workshops, courses, and professional memberships that are directly related to their business and help improve their skills.