For many writers, math is not a strong suite. Creativity comes easy, but when it comes time to worry about taxes, writers often run the other way. The danger that goes along with freelance writing is the idea that you do not get a formal paycheck. While a traditional job will take care of the taxes for you, in general, freelance writing probably won’t. In other words, it’s in the hands of the writer to set money aside for taxes.
Now to make things even more complicated for those who despised math growing up: there are different types of taxes that you have to pay. Consider the two types of taxes all freelance writers should be saving up for before April hits: [Read more…]