How to Write Off Your Writing Expenses

We all would like to pay less in taxes. There are legitimate tax deductions available for the self employed. As a professional writer, earning royalties or income from money blogs, websites and publications, you are self-employed. Since your income is taxable, write off everything your can. Overlooked tax deductions cost you money.

Difficulty: Easy

Instructions

1. Save receipts for everything that you've purchased that relates to your writing business. Have you purchased ingredients to write and publish a recipe? Tools, materials and supplies for a project you've written about? On each receipt, write the title of the article the purchase was made for, and the date it was published. Keep all receipts in a file.

2. 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.

3. Travel, mileage and dining out may be deductible as well, provided the purpose of the expense was business related. Food writers, restaurant critics, 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.

4. 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.

Tips & Warnings

• Hire an accountant to prepare your taxes.
• 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.

[Lilfix]

on 8/8/2009 Thanks for the tips! Taxes and deductions are very confusing and any help we can get is great...5*

[ptb49er]

on 5/12/2009 Bookmarked! Thanks for the tips :)

[LilacGirl]

on 4/28/2009 Helpful and informative article about writing off your writing expenses.

[FrazzledNanny]

on 4/18/2009 GREAT TIPS! Thanks for the well informed article on writing off your writing expenses. VERY helpful. I will be saving my receipts! 5*

[yourbodycraves]

on 4/18/2009 Excellent article for how to write off writing expenses. Rec Thanks.:)