- Home office expenses
- Business-related travel expenses
- Health insurance premiums
- Retirement contributions
- Professional development and education expenses
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 expenses related to business travel, including mileage, airfare, lodging, and meals while away on business.
Health Insurance Premiums
Freelancers who pay for their own health insurance may be able to deduct their premiums as a business expense.
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
Freelancers can deduct expenses related to improving their skills or staying current in their field, such as workshops, courses, and professional memberships.