Secret Tips: Write-offs

Completing this year's tax return, I ran into a great tip for freelancers: the magic of the write-off.

Freelancers need to file tax returns just like business do. Yet freelancers are allowed to make write-offs just like businesses do.

Write-offs are used to calculate total profits. The more costs that go into working, the lower total profits are and the lower taxes are.

Write-offs are any sorts of costs related to working: a laptop, phone costs for interviews, transportation, lodging (important for travel writers), and any parts of the home used exclusively for work. Therefore, any writer should keep a folder with receipts and records of costs related to writing. It's a small investment in time that you'll be thankful for come April.