How to Write Off Your Writing Expenses
There are legitimate tax deductions available for the self employed, and as a professional writer, some of the royalties or income from blogs, websites and publications you have can be deducted. Even though your income is taxable, write off everything you can. Overlooked tax deductions will cost you money.
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Instructions
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Save receipts for everything that you've purchased that relates to your writing business. If you have you purchased ingredients to write and publish a recipe or tools, materials and supplies for a project you've written about, you may be able to deduct some of the items. On each receipt, write the title of the article you made the purchase for and the date it was published. Keep all receipts in a file.
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Keep track of your monthly expenses. If you have a home office that is dedicated to your business, you may be able to write off a portion of your phone, Internet service and utilities. Other monthly expenses that may be allowable deductions include Paypal transfer fees and web hosting fees.
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Travel, mileage and dining out may be deductible, as well, provided the purpose of the expense was business related. Food writers, restaurant critics and travel writers especially will want to keep track of these expenses. Others will benefit, as well. Even if you drive just a few business-related miles per week, you may still be able to take a mileage tax deduction. You will need to keep a mileage log for your car, and keep receipts for airfare, travel and dining expenses.
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Tips & Warnings
Taking a business tax write off can be a little scary if you're not sure that it is allowable. Hire a professional tax preparer to do your taxes -- another write off. It is worth the peace of mind. If you have already filed your taxes and did not claim any deductions related to your writing business, consult a tax accountant about the possibility of filing an amended return. This article is not intended to be used or construed as tax advice.
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Comments
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FrazzledNanny
Apr 18, 2009
GREAT TIPS! Thanks for the well informed article on writing off your writing expenses. VERY helpful. I will be saving my receipts! 5* -
yourbodycraves
Apr 18, 2009
Excellent article for how to write off writing expenses. Rec Thanks.:)
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kaytay
Apr 18, 2009
I never thought about writing off writing expenses. Thanks so much!
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Lilfix
Apr 18, 2009
Thanks so much for sharing these wonderful tips on how to write off your writing expenses...I hadn't thought of doing this until now...thanks...I'm off to find a few receipts...RRRC5*
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Ladybugblue
Apr 18, 2009
Thanks for the article on using writing expenses for tax write offs! 5*
