Http Www.Success.Com Article 4-Simple-Reasons-You-Didnt-Get-The-Job Tax Tips for Freelance Writers: How to Lower Your Bill – 5 Things You Probably Didn’t Know

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Tax Tips for Freelance Writers: How to Lower Your Bill – 5 Things You Probably Didn’t Know

April 15, the deadline for filing taxes for Americans, is almost here. If you’re a freelance writer—especially if you do your own taxes like I do—it’s critical that you get all the deductions you can to lower your tax bill. For what? Because the management of an online business can be a very low cost, which is one of the reasons that many are so attracted to the profession. If you have a computer and an Internet connection, you’re pretty much ready to go.

So, here are five things you probably don’t know that can help lower your tax bill – making the difference between owing (perhaps a lot) and getting a little refund.

1. PayPal Fees: Do you deduce these? Almost as long as you receive a payment, PayPal deducts fees, which are mostly 2.9% + $.30 per transaction.

For international sales, the PayPal fee is 3.9%, plus a flat fee based on the currency received. FYI, PayPal fees can be less if you sell more.

Visit PayPal to learn more about their transaction fees, and don’t forget to add this column to your expense sheet going forward, OK?

2. Bank fees: For example, let’s say you’re a travel writer and you go and use an ATM that charges you fees for withdrawals. This is a legitimate and deductible expense – because you are on assignment.

3. Recurring fees: For example, I publish ebooks. So I use an ebook cover-making site to help me with the designs. The monthly fee for this site is $9, which comes out of my PayPal account every month. I can go for three or four months without using the site (because I also outsource some of my ebook covers), then two or three where I use it all the time.

My point? It’s easy to forget these expenses and if you have two, three or four accounts like this (for example, magazine subscriptions, software subscription sites, paid newsletter subscriptions, etc.), it can really add up to $400, $500 or more per year – – which you can deduct as legitimate expenses.

4. E-File: If you are in danger of missing the deadline (which could cost penalties and interest if you have to), consider e-filing your taxes. For what? Because returns filed this way tend to be processed more quickly.

5. Don’t File & Save Money! Did you know that if you are owed money by the IRS (ie, you are expecting a refund), that there is no late filing penalty? Well, it’s true! According to the CNN article, do you owe a refund? There is no penalty for late filling: :

If you owe a refund and don’t file your taxes by Tuesday, you won’t be hit with a penalty. This has always been the case, but many people do not realize it. The IRS takes some time to get their tax returns. It’s less concerned about giving refunds to people who haven’t claimed yet.

So if you have a deadline that you are trying to meet (where you make money), and you do not have time to register the tax (which costs you time), by all means – meet this deadline. If you owe money, the IRS will not punish you if you file your taxes late (I know this applies to me!).

Happy filing, and if you’re late and owe, here’s a great tax calculator to estimate what you should send.

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