Jenny Said:

If I earned less than 8k in 2007, all of it from freelance writing, do I still have to pay federal income tax?

We Answered:

Yes. You should probably do this as soon as possible, since your return should have been filed by April 15, and there may be penalties and interest accruing.

If you are self-employed and earned more than $400, you are required to fill out a self-employment form (Schedule SE), attached to your regular form 1040. You also need to report your income and expenses on a Schedule C.

Here's the IRS info:

http://www.irs.gov/businesses/small/arti…

http://www.irs.gov/businesses/small/arti…

Carol Said:

How does income from freelance writing have to be reported?

We Answered:

If your total income for the year is under $400, and you don't have some other income that you file a return for, you don't have to report it. If you go over $400, you'll file a form 1040, a schedule C-EZ, and a schedule SE.

Leah Said:

Can I use the loss from rental properties to write off my personal income?

We Answered:

You can't use CCA (depreciation) to create a loss.

For information on this, check out http://www.cra-arc.gc.ca/E/pub/tg/t4036/…

If you have legitimate losses that do not include CCA, they do go against your personal income. Check out http://www.cra-arc.gc.ca/tax/business/to… for information on rental income.

Dan Said:

Can you earn enough for a side income from freelance writing?

We Answered:

You don't specify what type of writing you are interest in, but opportunities exist. There are plenty of magazines and some newspapers accepting free-lance work. You can do the some of research on the Internet and write at home. Free-lance pay depends on subject matter, publications, and YOUR motivation.

Erica Said:

Earning from overseas agencies by writing reviews in $s, through internet attracts income tax in India for res

We Answered:

full tax is payable on the income earned for writhing reviews.
you may show some expenditure that may be deductible

Chris Said:

Does anyone here earn a full-time income from writing?

We Answered:

I do. I write children's books, educational reading scheme, verse, novelisations, short stories, articles and some graphic novel scripts. I've been writing full time for many years, and that, apart from some manuscript assessment and writing-workshop tutoring, is my only form of income.