As a self-employed writer, you have the unique opportunity to claim various tax write-offs and deductions that can significantly reduce your taxable income. From business meals to writing software, here are some of the most common and beneficial tax deductions that writers can take advantage of.
Whether you're meeting with a client, conducting an interview, or brainstorming ideas over lunch, the cost of your business meals can be written off. Just make sure to keep a record of who you met with and the purpose of the meeting.
Write it off on Schedule C, Box 24b.
If you use your car for business purposes, such as traveling to interviews or book signings, you can deduct the cost of your car insurance and registration. Remember, the deduction is based on the percentage of miles driven for business purposes.
Write it off on Schedule C, Box 15.
Regular maintenance on your vehicle, like oil changes and tire rotations, can also be written off if you use your car for business. Keep track of all your receipts to make claiming this deduction easier.
Write it off on Schedule C, Box 9.
If you've purchased a car primarily for business use, you can write off a portion of the cost and depreciation. The amount you can deduct depends on the price of the car and how much you use it for business.
Write it off on Schedule C, Box 13.
Attending writing conferences or retreats not only helps you hone your craft but can also be a tax write-off. You can deduct the cost of registration, travel, and lodging. Just make sure the event is directly related to your writing business.
Write it off on Schedule C, Box 27a.
If you hire someone to help with your writing business, like a graphic designer for your book cover or a virtual assistant, you can write off their fees. This also includes any freelancers or contractors you hire.
Write it off on Schedule C, Box 11.
Cloud storage services that you use for your writing business can be written off. This includes services like Dropbox or Google Drive where you might store your drafts, research, and other business-related files.
Write it off on Schedule C, Box 18.
Books that you purchase to improve your writing skills or to research for your writing projects can be written off. This can include style guides, writing craft books, or books on topics you're writing about.
Write it off on Schedule C, Box 27a.
If you have a dedicated home office for your writing business, you can write off the cost of the furniture you use in that space, like your desk, chair, and bookshelves.
Write it off on Schedule C, Box 18.
Any software you use to generate leads for your writing business, such as email marketing software or customer relationship management (CRM) systems, can be written off.
Write it off on Schedule C, Box 18.
If you hire a lawyer for your writing business, for things like reviewing contracts or handling copyright issues, you can write off their fees.
Write it off on Schedule C, Box 17.
When you're traveling for business, such as for a book tour or a writing conference, you can write off the cost of your meals. Just remember to keep your receipts and note the purpose of your trip.
Write it off on Schedule C, Box 24a.
Parking fees incurred for business purposes can be written off. This includes parking at meetings, conferences, or other business-related events.
Write it off on Schedule C, Box 27a.
Marketing materials like business cards, flyers, or promotional items for your writing business can be written off. This also includes any costs associated with maintaining your personal brand, like website fees or professional photography.
Write it off on Schedule C, Box 8.
If you work from home, a portion of your power bill can be written off as a home office expense. The amount you can deduct is based on the size of your home office compared to the rest of your home.
Write it off on Form 8829.
Software that you use to stay organized and productive in your writing business, like project management tools or writing apps, can be written off.
Write it off on Schedule C, Box 18.
Any courses, workshops, or seminars you attend to improve your writing skills can be written off. This also includes any professional memberships or subscriptions related to your writing business.
Write it off on Schedule C, Box 27a.
If you have a home office, a portion of your property insurance can be written off as a home office expense. This includes both homeowners insurance and renters insurance.
Write it off on Form 8829.
Repairs made to your home office space can be written off. This includes both minor repairs and major improvements.
Write it off on Schedule C, Box 21.
Any tools or services you use for research in your writing business can be written off. This includes subscriptions to research databases, purchase of research materials, or fees for research assistance.
Write it off on Schedule C, Box 27a.
If you pay tolls while traveling for business, you can write these costs off. Keep your receipts or a log of your toll expenses for tax time.
Write it off on Schedule C, Box 27a.
Transportation costs related to your writing business, like airfare or train tickets for business trips, can be written off. This also includes the cost of getting to and from local business meetings or events.
Write it off on Schedule C, Box 24a.
When you travel for business, you can write off the cost of your lodging. This includes hotels, Airbnb rentals, or any other type of accommodation used for business travel.
Write it off on Schedule C, Box 24a.
If you need a tool kit for your vehicle for business purposes, you can write off the cost. This could be necessary for writers who travel frequently for their work.
Write it off on Schedule C, Box 22.
If you work from home, a portion of your water bill can be written off as a home office expense. The amount you can deduct is based on the size of your home office compared to the rest of your home.
Write it off on Form 8829.
The cost of maintaining your professional website, including hosting fees and domain registration, can be written off. This is a crucial expense for writers who use their website to showcase their work or attract new clients.
Write it off on Schedule C, Box 8.
If you work from home, a portion of your Wi-Fi bill can be written off as a home office expense. This is especially important for writers, as most of their work is done online.
Write it off on Schedule C, Box 25.
Any software you use specifically for your writing, like word processing software or specialized writing tools, can be written off. This can also include software for editing, formatting, or publishing your work.
Write it off on Schedule C, Box 18.