by Ann Nam-Tran Le
Money is on every freelance editor’s mind as the tax deadline creeps ever closer. When you are a freelancer, taxes can feel like a drag to do, and, at times, they can even be quite stressful. It’s safe to say most people aren’t smiling while looking at the numbers.
On the other hand, tax time can be an opportunity to pause and assess your financial situation. It can be a learning moment (or several), leading to new ways to manage your money or inspiring you to adjust your rates. After submitting your tax return to the Canada Revenue Agency (CRA) comes a sigh of relief. Let these experiences—the bad and the good—fuel your ambitions for the rest of the year.
To help you tackle tax time and emerge with a fresh perspective on your freelance editing business, we’ve gone through our archives and rounded up a few BoldFace articles contributed by our lovely volunteers:
- Looking for what expenses you can write off? Adrineh Der-Boghossian has written an in-depth, two-part summary from a past presentation hosted by Editors Nova Scotia.
Part 1 covers the basics, such as the forms that small businesses are required to complete, the books and records they are required to keep, and the revenue and expenses they are required to report.
Part 2 lists the common errors small businesses make, from overclaiming expenses to failing to register for and collect GST/HST.
- If you’re feeling anxious about dealing with the CRA, you’re not alone. Carolyn Camilleri takes the terror out of taxes by walking you through what editors can expect.
- Has filing your taxes made you think about saving for your retirement? Michelle Waitzman answers the key questions about the available options.
- Just started your freelance business? Maya Berger shares some tips on managing your income and expenses (along with lots of other great advice on being a freelancer).
I find that editors, both new and experienced, are willing to learn from one another, and that is what makes the editing community an open and friendly place. Boldface is always looking for articles on helping other editors, so if you have a piece of advice you’d like to share, pitch your idea to the editor-in-chief at [email protected]. We’d love to hear from you!
Ann Nam-Tran Le is a freelance editor, writer, and graphic designer and is the communications chair of Editors Toronto. In addition to her love for words, she is interested in working with graphic novels. Want to talk about comics and manga? Connect with her on Twitter @Annshapes.
This article was copy edited by Michael Iaboni.