Freelance Writer Tax Tips

Tax day is tomorrow. From what I gathered on the IRS website, if you made more than $400 in profit with your freelance writing business, you have to file. If you made over $10,000, in profits, chances are you owe about $1,000. It is a good idea to pay estimated taxes for the 2009 tax year if you plan on earning over $10,000. I’m not a tax professional, so I am not in a position to give official advice, but I do reccommend having your taxes done professionally. Here are some other freelance tax tips on the web:

10 Questions to Ask Your Freelance Tax Preparer

Tax Deductions for Freelancers

25 Tax Resources for Freelance Writers

I keep all of my files in order all year round to make sure I have accurate records. I record every payment and every deductible expense. I use the Schedule C (Profit/Loss IRS form) as a guide to what types of things are deductible. Freelance writers may not have as many deductible expenses as other small business owners do, but there are plenty of things that you may be able to deduct. Use your own judgement, or better yet the judgement of a professional. I have been happy with H&R Block over the years.

I don’t like having to pay taxes, but someone has to. 🙂


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