The April 15 tax-filing deadline is nearly upon us, and if you get paid for a living to blog or write for digital and/or print publications, the process can seem a bit more daunting than for those media pros whose sole income comes from a 9-to-5 gig.
There are so many questions to ask yourself: Will you file annually or quarterly? Are you considered a sole proprietor or an LLC? If you’re married, is it a good idea to file separately or jointly with your spouse? All of these conundrums are answered in our latest Journalism Advice column.
For starters: [William Perez, tax practitioner and freelance writer] recommends familiarizing yourself with the forms 1040, Schedule C and Schedule SE. Print them off, read them and get acquainted with which items are deductible.” It also helps to have the right resources at hand:
You don’t need to get a degree in accounting to be smart about your tax planning as a freelancer. Set small goals for yourself. Schedule a meeting with a CPA (many will do a free consultation), start a free online trial of a business accounting software program that looks good to you — or take a course like Mediabistro’s Freelancing 101, which includes a section on personal finance.
To hear more tax advice, including what mistakes to avoid, read: Tax Tips for Freelance Writers.
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