{"id":1415,"date":"2024-02-19T09:12:03","date_gmt":"2024-02-19T15:12:03","guid":{"rendered":"https:\/\/wordsofworth.org\/ca\/?p=1415"},"modified":"2024-02-15T18:39:23","modified_gmt":"2024-02-16T00:39:23","slug":"how-to-navigate-tax-season-as-a-freelance-writer","status":"publish","type":"post","link":"https:\/\/wordsofworth.org\/ca\/blog\/how-to-navigate-tax-season-as-a-freelance-writer","title":{"rendered":"How to navigate tax season as a freelance writer"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">minute<\/span><\/span><p>Freelance writing allows you to work anywhere and at any time, but when you earn money from home, you must set money aside for<!--more--> your taxes.<\/p>\n<h2>How much should you save?<\/h2>\n<p>Money earned from freelance work is gross revenue; thus, no taxes are withheld for you. So, when you file your taxes, this income is expected to be reported, and you must pay the taxes owed. Your tax bracket will determine the exact amount of taxes owed, but a good rule of thumb is to set aside around 30% of your gross income.<\/p>\n<h2>Do not forget to include your expenses<\/h2>\n<p>Luckily, as a freelance writer, you can deduct all of your business expenses directly tied to your freelance work. If you had to purchase a new laptop or editing software subscription for your freelance work, these are all expenses you can include. Make sure to keep a record of your receipts of these expenses, in case you are ever audited.<\/p>\n<h2>Other factors to consider<\/h2>\n<p>Depending on how much money you earn from home freelance writing, you may need to register for a business number and pay GST\/HST. Contacting an accountant specializing in freelance or small business taxes can help you clarify any confusion.<\/p>\n<h2>Bookkeeping to simplify your taxes<\/h2>\n<p>If you still need to start some form of bookkeeping, it may be time to change that. Diligently recording your income and expenses throughout the year will make it easier for you to report them at the end of the year.<\/p>\n<p>Taxes are not something you can avoid, but they are something you can be prepared for and are an unfortunate part of being a successful freelance writer.<\/p>\n<div role=\"form\" class=\"wpcf7\" id=\"wpcf7-f76-p76-o1\" lang=\"en-CA\" dir=\"ltr\"><div><div class=\"wpcf7-form\"><div class=\"fit-the-fullspace\"><div><div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div><form action=\"\/ca\/wp-json\/wp\/v2\/posts\/1415#wpcf7-f76-p76-o1\" method=\"post\" class=\"wpcf7-form init\" enctype=\"\" autocomplete=\"autocomplete\" novalidate=\"novalidate\" data-status=\"init\" locale=\"en_CA\"><div style=\"display: block;\"><input type=\"hidden\" name=\"_wpcf7\" value=\"76\" \/>\n<input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/>\n<input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_CA\" \/>\n<input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f76-p76-o1\" \/>\n<input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/>\n<input type=\"hidden\" name=\"_wpcf7_fit-the-fullspace\" value=\"\" \/>\n<\/div><p><label> Your name<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" autocomplete=\"name\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span> <\/label>\n<\/p>\n<p><label> Your email<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" autocomplete=\"email\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span> <\/label>\n<\/p>\n<p><label> Subject<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-subject\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"your-subject\" \/><\/span> <\/label>\n<\/p>\n<p><label> Your message (optional)<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" name=\"your-message\"><\/textarea><\/span> <\/label>\n<\/p>\n<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner\" type=\"submit\" value=\"Submit\" \/>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div><\/form><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Freelance writing allows you to work anywhere and at any time, but when you earn money from home, you must set money aside for Your name Your email Subject Your message (optional)<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[198],"tags":[],"class_list":["post-1415","post","type-post","status-publish","format-standard","hentry","category-freelancing"],"acf":[],"_links":{"self":[{"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/posts\/1415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/comments?post=1415"}],"version-history":[{"count":2,"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/posts\/1415\/revisions"}],"predecessor-version":[{"id":1417,"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/posts\/1415\/revisions\/1417"}],"wp:attachment":[{"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/media?parent=1415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/categories?post=1415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wordsofworth.org\/ca\/wp-json\/wp\/v2\/tags?post=1415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}