Thanks for coming to my webinar! I really hope you found it useful.
First off, here’s the link to watch the webinar.
And I can’t believe I forgot to answer the one question that was asked in advance: I am interested in the taxes side of things. Did you create a company, and how do you file for taxes? I am sure it is similar to other freelance writing but I have never done it before.
Answer: (Disclaimer: I am not a tax expert or financial advisor :>) I am not incorporated. I am a sole proprietorship. I do business as Laura Purdie Salas, even though my legal/tax name is Laura Jean Salas. I file taxes with my husband as a married couple, and I claim my writing income using Schedule C. I also use Form 8829 to claim Business Use of a Home. (And many other forms that go along with various deductions.) And, of course, I deduct all my expenses and mileage. I did our taxes for many years, including the first 5 or so years I claimed a writing income. But then I switched to a tax accountant who does the taxes for a number of self-employed freelance writers. It’s well worth the expense, as she knows about things I can deduct and about major expenses and how you have to depreciate those over the span of their life. I asked her shortly after I started using her for our taxes about whether or not I should incorporate. I don’t actually remember the details, but after she spelled everything out for me, it was clear that as a single businessperson without employees, I was better off as a sole proprietor. (I do deduct various expenses like my accountant and my attorney and my tech person, but they aren’t employees.) However, it’s worth asking this question to a financial expert of some sort who you can tell the details of your finances. I’ve only rarely run across a kidlit writer who has incorporated.I hope that helps! I’m so sorry I didn’t answer this in the webinar itself!
And here are some other resources that might be useful.
|My annual income breakdowns||
Some job boards I consult
|Toggl – an online time sheet
My Patreon Facebook Group – $5/ month with lots of discussion on the craft and business of writing for kids