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Tax Deductions for Freelance Writers

Being a self-employed freelance writer means that I am responsible for every aspect of my taxes. There is no company to tax my paycheck each month, so in turn I have to pay my own quarterly taxes. At the end of the year I sit down with my tax professional in order to complete my final return, and of course, find out if I am going to owe more money or get a rebate! As you can imagine, I do whatever I can (within the law) to make sure that I get money back from the IRS.

There are many common tax deductions that freelance writers forget about time after time. This is why I have a professional help me out with my final return every year. After all, I do not want to leave any money on the table.

Here are a few of the most commonly overlooked tax deductions for freelance writers.

1. Hosting fees and domain registry fees. If you are a freelance writer you probably have your own website. You might as well deduct the cost of hosting it, and keeping your domain name up to date.

2. Even though not as common in today’s day and age, postage fees are tax deductible. As you can imagine, before email was all the rage this was a huge deduction for many. But even now, you may buy a roll of stamps every month or so.

3. All office supplies are tax deductible. This includes everything from that new business computer to paper clips to post-it notes. Do not forget any of these items when tax season rolls around.

The list of possible tax deductions for freelance writers is quite large. This is why it is a good idea to have a professional assist you. And remember, you need to keep receipts for all these deductions. This way, if you are audited by the IRS you will be covered. 

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3 Comments »Freelance WritingSeptember 28th, 2007

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