Vital Advice That Will Help You Get to Know More About Freelance Writing Fees

Beginning life as a freelance writer requires more than just a few good ideas. Depending on the type of writing, individuals may have a number of different fees associated with their freelance work. From managing escrow accounts to buying a laptop, these fees can cut into the bottom line.

Buying a Laptop

One of the main costs associated with being a writer is a laptop. Without a solid, working laptop, writers cannot create their best work. They need a laptop that contains a good writing program. Since writing typically requires research, the laptop should have plenty of hard drive space, and the ability to open multiple file types.

Paper, Pens and Miscellaneous Supplies

For in-person meetings and brainstorming sessions, writers will need more than just a laptop. They may need to purchase business cards, legal pads and pens for meeting with clients in person. These supplies should be included on a budget list so that they do not come as a surprise later on.

Tax Forms and Accounting

There are many different taxes associated with being self-employed. If the writer is just reporting their earnings, they may be able to do their taxes alone. Unfortunately, self-employed freelancers will often need to itemize their deductions for costs like health insurance, home office space and supplies. To make sure that they get every deduction possible, the writer should look up a qualified accountant to help them navigate the world of taxes.

Escrow Accounts and Banking Transfers

Being a writer is not cheap. For the most basic form of banking transfer, the writer may have to pay a fee of about $5 to receive their money. If the money is being transferred from abroad, this fee can double or triple. Likewise, escrow accounts normally require fees that range from one to ten percent. An escrow account allows the client and the writer to feel secure. The money is placed in this account until both parties say that it can be released. For security reasons, many writers choose to use an escrow account for collecting payments.

Schooling

Like most fields, writing requires individuals to stay updated on the latest developments. A writer may want to receive additional schooling in English grammar, creative writing or website development. All of these schooling options will ultimately cost the writer money or time. Fortunately, there are several tax credits available that can lower the price of school. The writer still needs to pay the upfront costs, but they will be compensated later on.