- Home office expenses
- Health insurance premiums
- Business-related travel expenses
- Professional development and education costs
- Retirement contributions
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.
Health Insurance Premiums
Self-employed individuals can deduct their health insurance premiums, including dental and long-term care coverage.
Business-Related Travel Expenses
Freelancers can deduct expenses related to business travel, such as airfare, lodging, meals, and transportation.
Professional Development and Education Costs
Costs for workshops, courses, and industry-related books or subscriptions can be deducted as business expenses.
Retirement Contributions
Freelancers can take advantage of tax-advantaged retirement accounts such as SEP-IRAs or Solo 401(k)s to save for retirement while reducing their taxable income.