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How To Pay Your Taxes As A Ghostwriter
Can we talk about taxes?
I know, not the most exciting topic, but as a ghostwriter it’s something you need to be aware of.
Trust me, I learned this the hard way.
As a ghostwriter, you are essentially providing a service to clients and getting paid for it.
This means that you are considered self-employed and responsible for paying your own taxes. Unlike traditional employees who have their taxes automatically taken out of their paychecks, as a freelancer or independent contractor like a ghostwriter, it’s up to you to stay on top of your tax payments.
So how exactly do you go about paying your taxes as a ghostwriter?
Here are some important steps to follow:
1. Keep track of your income: The first step in paying your taxes is knowing how much you’ve earned as a ghostwriter. Keep track of all the payments you receive from clients, whether it’s through PayPal, direct deposit, or another form of payment.
2. Understand your tax obligations: As a self-employed individual, you are responsible for both income tax and self-employment tax. This means you may need to pay estimated taxes throughout the year in addition to filing an annual tax return.
