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Category Archives: Other Helpful Information

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?

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

Our Most Popular Articles Of 2019 (In Case You Missed Them!) | Writer’s Relief

As 2020 begins, you may be experiencing a serious case of FOMO: Fear Of Missing Out on Writer’s Relief’s most popular, most informative articles of 2019! Well, take a few deep breaths and relax, because we’ve reviewed our top articles from 2019 and put the best ones from each of our blogs right here at… Continue Reading

5 Elements Found In Great Titles Of Books, Short Stories, and Poems | Writer’s Relief

What makes the title of a book, short story, or poem…great? Unforgettable titles like Gabriel García Márquez’s Love in the Time of Cholera or “The Love Song of J. Alfred Prufrock” by T. S. Eliot help grab readers’ attention and entice them to want to read more. Though opinions may vary, Writer’s Relief has found… Continue Reading

Calling All Word Nerds: Let’s Celebrate Dictionary Day! | Writer’s Relief

Here at Writer’s Relief, we love to celebrate Dictionary Day. After all, we’re bona fide word nerds! And a great way to celebrate Dictionary Day (which also happens to be Noah Webster’s birthday) is to learn new words or to memorize the word of the day. Noah Webster published his first dictionary in 1806. A… Continue Reading



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