Small Business Corner: Freelance Writing

Even though we’ve passed Tax Day, we know how important it is for small businesses and small business owners to understand the tax realm of the work that they do. One of the ways we like to show appreciation for the hard work that these sort of people do is by sharing some of our knowledge about tax write-offs that might be available for them in their field. With that said, even though tax day has passed us by, make sure you’re taking careful notes when we post these articles – you never know what you might want to have been accounting for when the next tax season rolls around. This week, we’re talking about tax breaks for Freelance Writers!

Writing is a truly valuable skill and Freelance Writers are a hot commodity in today’s market…but why? Well, because good writing is a refined ability that not everyone is able to master. 

Unfortunately, it’s not easy to be a Freelance Writer in the world of taxes. While writing can be pretty lucrative, you’d be hard-pressed to find somebody who is both an excellent writer and a great mathematician/financial wizard. Most importantly, there are a lot of hidden expenditures when it comes to writing.

Let’s say, for example, that part of your freelance clientele is working with a newspaper or a magazine. One of your primary responsibilities, in that case, is meeting with people that you need to interview over lunch/coffee to talk about the subject that you are going to be writing about. Did you pick up the tab? That, right there, is a Business Meal write-off! Make sure you’re saving receipts for stuff like this. That’s the most integral part of your write-off when it comes to filing your taxes. 

On the same note, continually and meticulously track the traveling that you do for business. Though it might be rare, you could be flying for events to cover. On an even rarer occasion, you might be traveling for an interview. Once your freelance career has gotten to this level, you’re definitely going to want to be keeping travel receipts because it could amount to a huge write off. 

A lot of freelance writers that we’ve interacted with do a lot of their work from an office outside of their home, but sometimes you’re still working from home. There are a few things that can give you a bit of a tax break when it comes to offices and home offices. Some examples of this are:

• Software (Microsoft Word isn’t cheap anymore!)

• Telephone & Internet/Other landline services

• Office Rent

• Legal Fees (Also applies to tax preparation services!)

In the world of freelance writing, there are a lot of potential write-offs, but sometimes it takes an extra eye to get a sense of what you, yourself, can specifically write off. If you have any questions for us, please feel free to browse our services page and fill out the form for a free consultation. You can even call us at 844-841-9857.