Author Archives: LaToya Irby

About LaToya Irby

LaToya Irby is a full-time freelance writer and a graduate of the University of Alabama. She primarily writes about personal finance, freelancing, and other self-employment topics.

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How to Be Better With Your Freelance Writing Income

By on May 20th, 2013

Too bad we’re not born knowing how to deal with money. If you had a financial literacy class in high school, you were pretty lucky. For many of us, much of what we know about personal finance we learned from our parents or our own mistakes. It’s not too late to learn those critical lessons you may have missed. Here are some tips on being better with your money. Read about money. You don’t have to completely immerse yourself in personal finance, but learn what you need to better manage your money through books, blogs, magazines, and other people. A …

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Posted in Finance |

Managing Freelance Writing Income and Regular Income

By on May 6th, 2013

For most people transitioning into full-time freelance writing or freelance writing on the side for awhile, there will undoubtedly be a period of time that you’re managing two kinds of income: income from freelance writing and income from a regular job. Or if you’re a writer who’s married to or cohabitating with someone who earns a regular income, the two of you may also face the challenge of managing two types of income. Freelance writing income alone can be tough to manage because it can be highly irregular. Couple that with income from a regular job and it’s natural to …

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Posted in Finance |

What Not to Do When Your Writing Income is Down

By on April 22nd, 2013

One of the hardest parts about adjusting to freelance writing life, and self-employment in general, is living with a fluctuating income. There may be periods of time that the projects and payments are coming in like a flood. Others, they’re as dry as a ditch on a hot summer day. What you do during those low-income months is so important because it will have a ripple effect once the pendulum swings the other way and your income is soaring again. Don’t keep living as though nothing’s changed During ancient times when there really were famines, (most) people didn’t continue having …

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Posted in Finance |

When Your Writing Schedule Leaves No Time For Taxes

By on April 8th, 2013

The deadline for filing a tax return this year is Monday, April 15th. That’s just seven days away! I know there are some of us who filed our tax returns as soon as the IRS began accepting tax returns. Others of us may be too busy writing (trying to make enough money to pay the tax bill?) to get those tax returns done before the tax deadline. Don’t fret; you may be able to get a few months breather. The IRS allows us (U.S. taxpayers) to file for an automatic extension for the tax return. Once you apply for the …

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Posted in Finance |

How Freelance Writers Can Be Productive With Finances

By on March 25th, 2013

Writing is actually one of the easier parts of freelancing writing. Maybe it’s like that with all craft-turned-businesses. The tougher parts of being a professional freelance writer can be things like finding clients, having a steady stream of ideas, and managing the finances. Because I’m no fan of mulling over finances for hours, there are some things I do to make this area of freelancing more productive. Set a day and time for doing financial tasks Even if it’s a few minutes everyday, schedule time for finances on your calendar just as you would for any other business-related task. You …

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Posted in Finance, Productivity & Organization |

Avoid Costly Freelance Writing Scams

By on March 11th, 2013

When you’re looking for ways to make money from writing, you’re bound to run across a few scams. Some may actually sound promising – after all, the marketing materials are written by people who are good at writing. But, a well-written sales page, filled with promises, guarantees, and testimonials doesn’t necessarily indicate a legitimate product or service. You haven’t worked hard to earn a living at freelance writing, only to be scammed out of your earnings. Here are some freelance writing scams to watch out for. “Give us a sample article so we can decide if we want to hire …

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Posted in Finance, Freelance Writing Business |

Freelance Writers: Tips for Paying Estimated Taxes

By on February 25th, 2013

Ah, taxes. It’s almost all you hear and read about this time of year, but we freelance writers have been thinking about taxes all year long. That’s because we, along with other self-employed workers, are required to pay quarterly estimated taxes to the IRS four times a year: in January, April, June, and September. If you’ve ever paid too little or *gasp* not paid at all, then you know there’s a penalty for underpaying based on the amount you underpaid and how late you end up paying what you we. Here are some tips for making those tax payments with …

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Posted in Finance |

What To Do With Extra Writing Income

By on February 11th, 2013

Is your freelance writing business netting you more money than what’s needed to pay the bills? It’s not a bad problem to have. Here are some ways you can spend that extra money. Make sure you set aside enough for taxes. If you’re earning more than you expected, you may also owe more taxes than you expected. Update your estimated tax calculation and set aside some additional funds if you need to. Pay at least your estimated taxes, i.e. what you paid last year, and you shouldn’t face any underpayment penalties if you happen owe at tax time. Having some …

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Posted in Finance |

Book Review: The Freelancer’s Bible

By on January 28th, 2013

You may have heard of Freelancers Union, a nonprofit organization for freelancers, contractors, and independent workers. Sara Horowitz, who founded Freelancers Union, has released a comprehensive guide to freelancing – The Freelance Bible – that’s everything the title suggests. Sara’s accolades includes being named a MacArthur Foundation “Genius” fellow and one of Forbes’s Top 30 Entrepreneurs. Packed With Information As you’d expect of any book with “Bible” in the title, The Freelancer’s Bible is packed with essentially everything you need to know to start, run, and grow a successful freelance business. Another plus: this Bible is a much simpler read …

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Posted in Finance, Writers Resources |

A Primer on Taxes for Freelancers

By on January 14th, 2013

Every worker, freelance or not, is undoubtedly familiar with income taxes: the percentage of your income that’s paid to the Federal, state, and sometimes local government. (The rest of this post speaks primarily on Federal taxes.) When you’re full-time employed by an employer, the employer will typically withhold taxes from your pay. They send the withholdings to the IRS on your behalf. But, when you’re fully self-employed, it’s your responsibility to withhold your taxes and pay that amount the government on a quarterly basis. Tax Brackets Taxes are paid as a percentage of your income. There’s not a flat percentage …

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Posted in Finance |