- Home Office Expenses
- Business Supplies and Equipment
- Professional Development and Training
- Travel Expenses
- Health Insurance Premiums
- Retirement Contributions
- Self-Employment Taxes
- Marketing and Advertising Costs
- Software and Subscriptions
- Charitable Contributions
Home Office Expenses
Freelancers can deduct a portion of their rent or mortgage, utilities, and internet costs if they use a dedicated space in their home for work.
Business Supplies and Equipment
Costs for office supplies, software, and equipment such as computers and printers are deductible for freelancers.
Professional Development and Training
Expenses related to improving skills or learning new ones, such as courses, workshops, and books, can be deducted.
Travel Expenses
Freelancers can deduct travel expenses for business-related trips, including mileage, airfare, lodging, and meals.
Health Insurance Premiums
Self-employed individuals can deduct health insurance premiums paid for themselves, their spouse, and dependents.
Retirement Contributions
Contributions to retirement accounts, such as a SEP-IRA or Solo 401(k), are tax-deductible for freelancers.
Self-Employment Taxes
Freelancers can deduct half of their self-employment taxes, which include the employer's portion of Social Security and Medicare taxes.
Marketing and Advertising Costs
Expenses for promoting and marketing a freelance business, such as website costs, advertising, and business cards, are deductible.
Software and Subscriptions
Costs for business-related software, apps, and subscriptions can be deducted by freelancers.
Charitable Contributions
Donations made to qualified charitable organizations are tax-deductible for freelancers.