Top 10 Freelance Tax Deductions for 2024: What Can I Deduct as a Freelancer?

1. Home office expenses
2. Business supplies and equipment
3. Professional development and education
4. Travel and transportation
5. Health insurance premiums
6. Marketing and advertising
7. Meals and entertainment
8. Retirement contributions
9. Software and technology expenses
10. Legal and professional fees

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 Supplies and Equipment

Any supplies or equipment you purchase for your freelance business, such as computers, software, or office furniture, can be deducted as business expenses.

Professional Development and Education

Costs associated with improving your skills or knowledge in your field, such as workshops, courses, or books, are eligible for deductions.

Travel and Transportation

If you travel for work-related purposes, such as meeting with clients or attending conferences, you can deduct expenses like airfare, lodging, and mileage.

Health Insurance Premiums

Freelancers who pay for their own health insurance can deduct their premiums as a business expense.

Marketing and Advertising

Any money spent on promoting your freelance services, such as website costs, business cards, or online ads, can be deducted.

Meals and Entertainment

You can deduct 50% of the cost of meals and entertainment if they are directly related to your freelance business.

Retirement Contributions

Contributions to retirement accounts, such as a SEP-IRA or solo 401(k), are deductible for freelancers.

Software and Technology Expenses

Any software or technology services you use for your freelance work, such as cloud storage or project management tools, can be deducted.

Legal and Professional Fees

Fees paid to lawyers, accountants, or other professionals for services related to your freelance business are deductible.