It’s that time of year again! Time to break out the 1040 forms and get to work. Just kidding. If you’re a freelance writer, then you know that taxes are a bit more complicated than that. But don’t worry, we’re here to help. In this blog post, we’ll give you everything you need to know about taxes as a freelance writer.
Disclaimer: this article should not be considered as tax advice. Please speak to your own CPA for advice specific to your business.
For most freelance writers, you are considered an independent contractor. This means that you are responsible for paying your own taxes. When tax season comes around, you will need to file a Form 1040 and a Schedule C. The Schedule C is where you will report your income and expenses for the year.
You will also need to pay self-employment tax, which covers Social Security and Medicare. The self-employment tax rate is 15.3%, which includes the 12.4% for Social Security and the 2.9% for Medicare. However, you can deduct the employer-equivalent portion of the self-employment tax from your gross income.
What about deductions? As a freelance writer, you can deduct a number of things from your taxes, including office expenses, work travel expenses, educational expenses, and more. Be sure to keep track of all of your receipts throughout the year so that you can take advantage of these deductions come tax time!
We know that taxes can be confusing, but we hope that this blog post has helped clear some things up for you. Remember, as a freelance writer, you are responsible for paying your own taxes. This means filing a Form 1040 and a Schedule C (or Schedule C-EZ) come tax time. You will also need to pay self-employment tax, but you can deduct the employer-equivalent portion from your income. And don’t forget about deductions! There are a number of things that you can deduct as a freelance writer, so be sure to keep track of all of your receipts throughout the year.