fbpx

Need help submitting your writing to literary journals or book publishers/literary agents? Click here! →

Writer: How To Get Organized NOW For The Upcoming Tax Season | Writer’s Relief

April 15 is just around the corner! And if you’re thinking about claiming your writing expenses when filling out your forms during the upcoming tax season, the time to get organized is NOW. If you don’t plan ahead, you may end up scrambling at the last minute—and might even lose out on some deductions. Or worse, you may end up paying penalties. Writer’s Relief has a few suggestions to help you organize your records so that preparing your taxes won’t be so stressful.

How To Organize Your Creative Writing Expenses For Easier Tax Filing

Maintain accurate financial records. Keep your writing income and expenses separate from your non-writing financial records. One of the simplest ways to do this is to open a bank account exclusively dedicated to your writing financials. This will simplify the process when it comes time to prepare your yearly taxes. Depositing writing earnings and paying writing expenses with this account not only helps you stay organized but gives you an accurate financial picture of where you stand as a paid writer.

Another good reason to track your writing income: Proving your income as an author is required when joining some of the more prestigious writing groups such as Mystery Writers of America.

Save your bank statements. In today’s world, most of us opt to go paperless. Some banks still send out a paper statement every month, while others will e-mail you a digital monthly statement. Store these e-mails in a folder in your e-mail software program, or save any attached statements to a folder on your computer solely dedicated to these records. If your bank does not provide you with any statements each month, simply log onto your bank’s website at least once a month to save and print your transaction report. This will serve as your bank statement when preparing your taxes.

Categorize everything. It’s simpler than ever nowadays to maintain a checkbook or journal of your writing financials. Tedious, handwritten records are a thing of the past! By using financial software such as QuickBooks or Quicken, you can easily categorize your income and expenses and create simple reports to help you with the tax process. Many of these software programs can even obtain the information directly from the bank so you can skip the entering process and get right down to classifying the transactions! This software can also assist you with budgeting and show you areas where you may need to allocate more money or cut down on spending.

Keep receipts! You can’t simply say that an expense was writing-related—you need to prove it too! File any paper receipts from any real-world purchases and print out (or even better, save PDF copies) of any online expenditures for each and every writing-related transaction. Your tax preparer will definitely want to see them, and the various government tax agencies may even require that they accompany your tax return. Keep your paper and digital receipts in one designated location so that they are easily accessible when it’s time to file your tax return.

Whether you prepare your own taxes or use an accounting or tax service, following these steps will save time and help the chore of tax filing go smoothly—so you can get back to writing!

Caveat: We’re not accountants or attorneys, and this article is for information purposes only. Always speak to an accountant about your personal tax situation. Tax laws are constantly changing, so always check for the latest updates via official channels.

 

Question: What organization tips would you add to this list?

Relax And Celebrate National Nothing Day! | Writer’s Relief

Today is National Nothing Day! So if you’re feeling stuck on your latest project, instead of hunkering down and forcing yourself to write—try doing nothing! In this article Writer’s Relief found on TheWritePractice.com, sometimes taking a break and relaxing can actually get your creative juices flowing again. Seems like it worked for Bob Dylan. He… Continue Reading

10 Healthy Snacks That Are Also Excellent Writing Fuel | Writer’s Relief

It’s the time of year when many writers make resolutions: eat healthier, write more, get published, maybe run a marathon. While we can’t help you with that marathon thing, the folks here at Writer’s Relief can offer some smart ideas for eating right (and we know a thing or two about finding more time to… Continue Reading

7 Best Tips For Writing An Effective Query Letter To Get Your Book Published | Writer’s Relief

Congratulations, writer—you’ve finished your book manuscript! You’ve had it professionally proofed and edited, and your beta readers gave you great reviews. Now it’s time to write your query letter. Sometimes, even the most gifted writers may feel the query letter is more challenging to write than the novel. But in order to score a literary… Continue Reading



YES, IT'S MY LUCKY DAY!
Sign me up for
FREE Publishing Leads & Tips
  • This field is for validation purposes and should be left unchanged.

WHY? Because our insider
know-how has helped
writers get over 18,000+ acceptances.

FREE Publishing Leads and Tips! Our e-publication, Submit Write Now!, delivered weekly to your inbox.
 
  • BEST (and proven) submission tips
  • Hot publishing leads
  • Calls to submit
  • Contest alerts
  • Notification of industry changes
  • And much more!
close-link


STOP! BEFORE YOU GO...
Sign me up for
FREE Publishing Leads & Tips
  • This field is for validation purposes and should be left unchanged.

WHY? Because our insider
know-how has helped
writers get over 18,000+ acceptances.

FREE Publishing Leads and Tips! Our e-publication, Submit Write Now!, delivered weekly to your inbox.
 
  • BEST (and proven) submission tips
  • Hot publishing leads
  • Calls to submit
  • Contest alerts
  • Notification of industry changes
  • And much more!
close-link
Yes! Send My Free Guide!

Get Your FREE Goal-Oriented
Writer Guide!

We’ll send the link to this handy guide filled with
expert advice and smart tips so you can start
reaching your writing goals today!

 
Bonus: Stay updated! We’ll email you weekly links
to more great articles featuring the best writing
strategies and insider info!
close-link
Yes! Send My Free Guide!

Get Your FREE Goal-Oriented
Writer Guide!

We’ll send the link to this handy guide filled with
expert advice and smart tips so you can start
reaching your writing goals today!

 
Bonus: Stay updated! We’ll email you weekly links
to more great articles featuring the best writing
strategies and insider info!
close-link
Live Chat Software