If you made as little as $400 in freelance writing fees, here in the United States, you’re required to file an income tax return.
But do not despair dear writers. Just like most things in our writer’s world, not every asset is physical but can still produce tangible results. So when filing income taxes this year, especially those who freelance, pay close attention to the intangibles.
Since I’m not a tax accountant, I can’t offer you tax advice. I can, however, shed some light on one item you might be able to expense – DOMAIN NAMES!!! If you’re an owner of 1 or several domains, please bring those receipts to the attention of the person preparing your taxes. Point them to “Treatment of Costs to Acquire Internet Domain Names for Use in Taxpayer’s Trade or Business” and internet related expenses.