Learn how to leverage business expenses and specific tax schemes to reduce your tax liability. This guide is a must-read for every self-employed professional. As a freelancer, you can deduct a wide range of business expenses including home office costs, equipment purchases, software subscriptions, and professional development courses. Keep detailed records of all business-related expenses throughout the year to maximize your deductions. Consider setting aside a percentage of each payment for taxes, as freelancers are responsible for both income tax and self-employment tax. Additionally, explore retirement savings options like SEP-IRAs or Solo 401(k)s, which offer significant tax advantages. Key deductible expenses for freelancers include: – Home office expenses – Computer and software costs – Internet and phone bills – Professional memberships and subscriptions – Business insurance – Travel expenses for work – Health insurance premiums – Education and training costs Finally, consider incorporating your business to potentially reduce your overall tax burden and protect your personal assets. Consult with a tax professional to determine the best structure for your specific situation. Remember to keep meticulous records and consider using accounting software designed for freelancers to track income and expenses throughout the year.