4 Tax Tips for Freelance Writers

tax tips

Editor’s Note: This post was written by Brie Weiler Reynolds, the Director of Online Content at FlexJobs and a contributing writer for 1 Million for Work Flexibility. FlexJobs is the award-winning site for telecommuting and flexible jobs, listing thousands of pre-screened, legitimate, and professional-level work-from-home, flexible schedule, part-time, and freelance jobs. Brie provides career and job search advice through the FlexJobs Blog. Learn more at www.FlexJobs.com. The deadline to file taxes for 2013 is right around the corner: are you prepared? As a freelance writer, you’re in a unique situation when it comes to taxes. Like all freelancers, there are certain dos and don’ts to consider, [Read more…]

Tax Tips Every Freelancer Should Know About

Tax tips

Just because you’ve ditched your 9 to 5 job does not mean you can get away with not paying taxes, does it? Believe it or not, in some parts of the world, many freelancers are able to do that, but if you reside in the United States, then you are really better off sticking to the law and keeping your taxes in order. Sure, it may not be a pleasant thing to monitor and organize your finances so that you can do your civic duty, but it is the right thing to do. In any case, your taxes come back [Read more…]

What Would You Do to Trim Your Tax Bill?


Some people would go as far as to “forget” to declare some of their income.  I think we’ve sufficiently discussed the repercussions of not declaring all of your income in the previous post.  This time, I’d like to bring up the idea of engaging in certain practices that I personally find questionable. At the top of my list: hiring family members to work for you so that you can make some tax savings because of medical health insurance and wages.  Here’s one source which actually suggests these two points. One, it suggests hiring your spouse as an employee. As the [Read more…]

What the IRS Doesn’t Know Won’t Hurt It

Hide and Seek

I’ve heard it said so many times that I can’t keep track of it: what you don’t know won’t hurt you.  For some, ignorance is bliss.  Maybe in some cases, this can be true.  However, if you project this kind of thinking to the IRS, you might find yourself in deep trouble. How many times have you been tempted to NOT report income because you think that the IRS will not be able to track it anyway?  Perhaps your best friend might have told you – if you can get away with not reporting something, why not?  Or maybe another [Read more…]

Pay Less to Uncle Sam Later by Tracking Your Tax Write-Offs Now

Hang on to Business Receipts

Last week I wrote about how, like it or not, keeping track of tax deductions is a year-round job for freelance writers. Yes, I know. Yuck. Don’t you hate when people are part of the problem and not part of the solution? For that reason, I decided to follow up with a post about what you need to know about keeping track of those pesky deductions throughout the year. Hang on to Receipts First, keep receipts or invoices for anything you purchase that could even remotely be considered part of your business. Even if you aren’t sure whether your book [Read more…]

Now’s the Time to Track Those Tax Deductions

Now’s the Time to Track Those Tax Deductions

Wait, what? But April 15th just passed, you’re saying. Can’t I please get a break from all this tax talk? Sadly, no.  While they’re no fun to think about, if you’re a freelance writer, tax deductions are a part of your life all year round. And trust me, you want to think about tax deductions because they’re going to save you money in the long run. What Can I Deduct? Almost anything you buy to use in your business can be deducted on your taxes. In the past, respectable tax payers have been able to convince the IRS that cat [Read more…]

26 Blog Posts and Articles About Freelance Taxes


So…I’m sitting here thinking about how my quarterly taxes are due in January and probably many of you are having the same experience. Freelance writers don’t pay taxes in the same manner as those who are salaried employees. We have to plan ahead and predict. For freelance veterans, this may all seem routine. However, new freelancers might be confused as to how to pay taxes as a freelancer and estimate taxes if needed. Many don’t even realize they have to put away money from each gig for taxes. To help, I’ve prepared a list of posts about freelance taxes. Hopefully [Read more…]

How to Solve Freelance Tax Problems


by Thursday Bram When something goes wrong with an employee’s taxes, her employer is often responsible when everything is said and done. For freelancers, though, no employer is going to take the time to correct errors. That means that you have to take responsibility for making sure that all of your paperwork is in order and, if it isn’t, that you take the right measures to keep the IRS happy. Contact the IRS Staying in touch with the IRS can simplify most of the problems a freelancer can face when it comes to taxes. In most situations, such as late [Read more…]

3 Ways to Reduce Your Freelance Writing Taxes and Help Yourself


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…]

Tax Tips for Freelance Writers Part 4: When a Writer Needs to Hire a CPA


by Thursday Bram While the standard business advice is that you need to hire a CPA as soon as you go to work for yourself, most freelance writers don’t need to call on a CPA quite that fast. As long as your taxes are fairly straight forward, you can take your 1099s to a tax preparer and get your income tax return completed for less than you would pay a CPA. If you’re willing to put the hours into it, it’s even possible to do your taxes on your own: completing Form 1040 will take some time if you aren’t [Read more…]

Freelancers and Taxes Part 2: Introduction to Quarterly Taxes

by Thursday Bram The biggest difference between doing your taxes as an employee and doing them as a freelancer, at least in the U.S, is figuring out just what to do about quarterly estimated income tax. Since your clients pay you as a contractor, rather than an employee, they do not make sure that the IRS receives your payroll taxes. Instead, you’re responsible for sending in a check every quarter for a fourth of the amount you expect to owe at the end of the year. Not Every Writer Has To Pay Quarterly Estimated Taxes In general, it seems like [Read more…]

What Every Freelance Writer Needs To Know About Taxes


by Thursday Bram If you’re making the switch to freelancing, it’s easy to miss some of the details that go along with completing your taxes. There are some major differences in the paperwork if you’re working for a company or if you’re self-employed. While there are plenty of ways to save money on your taxes or even make them easier to complete, there are some nuts and bolts that every freelance writer should know. The Question of Quarterly Estimated Tax Payments As a freelancer, you don’t have a boss — which means that you don’t have anyone handling your taxes [Read more…]

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