#WritingBusiness-5 Tax Tips for Writers

#1 Keep careful records

Record keeping is essential for writers. Tracking business-related expenses and income is your responsibility. Publications have various policies of how you will be paid. Some pay on publication others on assignment.  All of this information must be recorded to make sure that you are getting paid.

#2 Track Business related  deductions

Business-related expenses can be written off on your taxes only if you have the receipts. As a writer, you may have a number of expenses such as writing materials, computer, phone calls, mileage, internet access, classes and conferences that qualify as expenses. These deductions will help you lower your tax burden so it is important that you keep receipts related to these deductions.

Check out more tax tips from Denise Turney author of Love Pour Over Me among others

#3 Review expense and income records at least once a month

Don’t wait until the last minute to compile and review expenses and income. Writers are considered self-employed contractors because they don’t have a W-2. This means that your tax liability will be greater than for people who work for an employer.  There are penalties if a writer or business doesn’t pay quarterly taxes. Reviewing expenses and income at least once a month can help you plan.