Doesn't work that way.
I'm not a tax expert by any means, so thoughts on this from elsewhere would be great.
I filed an earned income of about ten thousand dollars. Turbo Tax then informed me that I owed the government eight. EIGHT THOUSAND DOLLARS. Out of the ten I'd made freelancing out of the year.
Uh huh, I learned about deductions the hard and painful way.
As a freelancer, there were tons of things that I didn't realize I was expected to claim as a business expense, that I didn't. Some of them(like my tools) were just me being a lunkhead. Others - books on my fields, business lunches, seminars, classes - had never even occurred to me.
I was very naive, and it cost me. Hopefully, this list will give you some thoughts so you don't end up in the same hole as I did.
Disclaimer: not all of these deductions are applicable for all types of freelancers, as far as I know. Don't be me - find yourself a good accountant and get a consultation.
As always, click on the title of the post for the link(at least until I can figure out how internal links work).