Now, let me start out by saying this: if your freelance writing business is making enough money, there’s a good chance you may not be getting too much back in your tax refund this year. In fact, freelance writing businesses that are really shakin’ are going to instead have to pay in taxes – not just right now, but once a quarter. We’ll get into that at a later date. The reality is, though, that many freelance writers, especially those with children, find themselves in a bit of a “sweet spot” when it comes to taxes. They can expect a [Read more…]
3 Ways to Reduce Your Freelance Writing Taxes and Help Yourself
December 23, 2009. 5 Comments
by Thursday Bram One of the reasons employers can afford to offer benefits like health insurance and retirement plans to their employees is because there are tax benefits available when they do so. They’ll have to spend money either way — the question is whether they spend that money on benefits for employees or on taxes. The same is true for freelancers. Retirement While the exact tax benefits of opening and funding a retirement account depends on the type you use, some can make a big difference in the taxes you owe this year. The Traditional IRA, for instance, allows [Read more…]
