There’s always plenty of discussion about the rates we charge as freelance writers. Many writers will tell you, correctly, that some of the best ways to increase what you charge are to:
These are all very important factors in raising your rates, but I’d like to add a couple of others.
Every year, I like to share how our business has performed over the previous year and how that impacts on our business and personal finances. My hope is that being transparent about our revenue, expenses, profits, challenges, and plans is helpful to other small business owners. The aim is to:
Get a thorough understanding of revenues, expenses, and profits for your freelance business and what they mean for the types of tax you’ll pay.
Managing the money that comes into and goes out of your freelance business will give you . Understanding your revenue, expenses, and profits will give you a great basis to manage your money well, and will prepare you for the responsibilities of filing taxes.
In this part of your freelance guide to taxes, we’ll be digging into three very important concepts:
Learn about important tax and accounting terms including bookkeeping, tax types, filing, revenues, self-employment, and more.
Welcome to this Q&A article that answers some of the fundamental questions you might have about your freelance taxes. I’ve split up the FAQs into several areas:
Discover the different types of freelance business structures that you can create and run, what that means for your taxes, and the tax forms you’ll need to file.
It’s easy to think of a little bit of freelance work as a paid hobby, and to believe you don’t need to “run a freelance business” until you make it a full-time job. In fact, if you make money from selling your creative products or services, you’re already a freelance business — even if you haven’t formalized it.
The good news is that freelance businesses don’t have to be complex, and in…
Learn about the business expenses you can claim as a freelancer including communications, technology, home office deductions, patent processing, and more.
Your freelance business takes on unavoidable costs as you manage clients, run your operations, market yourself, take payments, and more. Many of these costs can be deducted as freelance business expenses — money that you’ve paid out to do your work. These expenses can be deducted from your business revenue when working out your profits and taxable income.
This is good for you because it means you don’t pay unnecessary federal, state, or self-employment taxes on the money you’ve…
Discover the importance of the Form W-9, Request for Taxpayer Identification Number and Certification, what it’s used for, how you fill it out, and when you’ll need to provide one.
I am not an accountant or qualified tax professional. These guides are intended only as general information, not as specific advice or recommendations. You should not rely on any of the information in these guides to make financial, tax, or other decisions. Always use official sources like the IRS website or your state’s Department of Revenue to get accurate, up-to-date information.
You should always speak to a qualified tax professional…
Learn about setting up your freelance bookkeeping, what a bookkeeping system does, reconciling your bank accounts, and getting reports for your tax return.
Here we are in the next part of my friendly guide to freelance taxes. If you’ve been following along, thanks for sticking with me. If you’re new here, I recommend checking out the introduction, so you can work out what the heck is going on!
In the previous parts of this guide, I’ve given an overview of how taxes work, explained common tax terms for freelancers, and shared some good practices to set up your freelance business…
Explore some of the positive steps you can take right now to get the right areas in place for easier freelance taxes in future.
Welcome to this delicious and wholesome part of my guide to freelance taxes. It’s time to talk about building the right foundations to make your taxes that much easier — and that’s always a good thing.
Before we get started, if you’re not sure what these guides are all about, I recommend you read my introduction to the freelance tax guide.
If you’re confused about any of the definitions I use here, check out the glossary.
Discover some of the language used when talking about tax, including freelance tax concepts, tax types, tax forms, and more.
Hello you lovely people, this is part of my friendly freelance guide to taxes. You can learn more about the series of guides, what they do, who they’re for, and yours truly in the introduction.
In this part of the guide, I’ll explain many of the common terms that we’ll be using as I cover the various aspects of freelance taxes. …
Tea-drinking, hat-wearing, game-playing, science-loving, professional-writing, armchair philosopher.