- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education expenses
Home Office Expenses
As a freelancer, you can deduct a portion of your rent or mortgage, utilities, and internet costs if you use a dedicated space in your home for work.
Business-Related Travel Expenses
If you travel for work-related purposes, such as meeting with clients or attending conferences, you can deduct expenses like transportation, lodging, and meals.
Health Insurance Premiums
Freelancers can deduct the cost of health insurance premiums, including those for themselves, their spouses, and dependents, as long as they are not eligible for employer-sponsored health insurance.
Retirement Contributions
Contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), are tax-deductible for freelancers, allowing them to save for the future while reducing their tax burden.
Professional Development and Education Expenses
Freelancers can deduct expenses related to improving their skills or staying current in their field, such as the cost of workshops, courses, books, and professional memberships.