The Modern Editor Podcast

Common Business Expenses for Freelance Editors

Episode Summary

Tax season—that time of year dreaded by most. And while filing your taxes as a freelance business owner is a much different ball game than doing them as a W2 employee, if you get organized, stay organized, and follow my tips, tax time will go smoother than you think.

Episode Notes

Tax season—that time of year dreaded by most. And while filing your taxes as a freelance business owner is a much different ball game than doing them as a W2 employee, if you get organized, stay organized, and follow my tips, tax time will go smoother than you think.

In this episode, you’ll learn the following:

• 04:37 – My number one tip to keep your finances organized from the beginning
• 08:07 – What’s a deduction, and what the IRS considers an expense
• 11:38 – A surprising expense that can be deducted from your taxes if you work from home (I had no idea!)
• 15:43 – Books are considered a business expense?! (Use your common sense and good judgment and ask your accountant first)

Discussed in the episode:

• California AB5
• IRS estimated taxes
• IRS Employer Identification Number (EIN) application

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