• Books, periodicals, DVD’s, and other materials used for research
• Any type of entertainment directly related to your research or writing (golfing for a golf piece, seeing a movie to review it, etc.)
• Magazine subscriptions
• Blog expenses
• Memberships to clubs and affiliations related to your business
• Internet access fees
• Equipment (digital camera, web camera, computer, flash drives, printer and ink, other computer equipment, etc.)
• Office supplies (paper, pens, paperclips, etc.)
• Office furniture (To be used only for business)
• Business phone line used just for business (Always remember to keep your business and personal expenses separate.)
• Computer software (for your business and for your taxes/accounting)
• Business cards and other stationery
• Home office expenses (Deduct a part of your rent or home payment for your home office. Also, include water, insurance, heating bills, etc. in the deduction.)
• Advertising costs
• Travel and hotel expenses on business trips
• Health insurance if you are self-employed
• PayPal fees
• Annual fees on a business credit card (Yet another way to keep your business and personal expenses separate. Just make sure you are using this card only for business expenses.)
• Business mentor (Some of these services are paid and some are not. If they do require a fee, you can deduct it.)
• Clothing (You can’t deduct everything, but if you need to make sure you look nice for a client, you can deduct the cost of a nice suit or dress. Just don’t try to buy something really expensive and unnecessary expecting to deduct the cost later.)
• Donations to a charity or other charity work (This one can be tricky, so make sure you check out the rules before you deduct.)

While all of these deductions may seem great, it is very important that you don’t try to abuse the system. You should always assume that the IRS already knows everything about you, so you should never report something that shouldn’t be reported. For example, you should not try to report a Rolex watch because you want to impress your clients. This is not necessary and could cause suspicion with the IRS. You should also make sure to disclose all of the information that you are supposed to disclose. In order to do this, you will need to keep all of your receipts handy and organized to prove the necessity of these deductions.

About the Author

Vanessa Lang is an author who writes guest posts on the topics of business, marketing, credit cards, and personal finance. Additionally, she works for a website that focuses on educating readers about factors to consider before getting a payday loan.

Know Your Financial Picture

The first step in handling your finances while freelancing is to have a clear picture of your expenses, debts, and other financial obligations. These include long-term planning such as retirement saving, home purchase, and student loan payoff. Don’t forget to plan for work-related expenses such as office supplies, space rental, and travel to and from client meetings. The first step in handling your finances while freelancing is to understand your financial pictures.

Keep Your Expenses Low

Freelancing can be very unpredictable at times. Losing a major client can put a huge strain on your finances. Be prepared to handle the unexpected by budgeting accordingly and maximizing your savings during profitable periods. Take advantage of free service from the public library such as internet access, reading materials, and classes. Consider joining a co-op of other freelancers to pool expenses.

Keep Accurate Records

Keeping track of your contracts, invoices, and payments not only helps you manage your money while freelancing, it is very valuable when attempting to take on debt such as a mortgage. Because freelancing is non-traditional, lenders want to know that you have a solid financial outlook. This requires extensive documentation, such as as profit and loss statements, ledgers, and invoices.

Take Advantage of Freelancer Benefits

There are many benefits that are available to freelancers at nominal charges. Organizations such as the freelancer’s union offer low-cost health insurance plans, retirement plans, and credit union memberships. Take advantage of these programs that are designed to help you save money while you perform your craft.

Network and Gain Clients

Most freelancers will tell you that the key to managing your finances is to have enough clients to keep you afloat in the event that you lose a major client. Attend networking events geared toward freelancers and meet other people in your field. Diversify your portfolio of clients to make sure you have adequate cash flow. Many freelancers have a mix of high- and low-paying clients that keep the money flowing on a regular basis.

Grab a Side Hustle

Many freelancers moonlight at traditional part-time jobs to supplement their income. You can still do what you love while enjoying the stability of a relatively stable paycheck. Some freelancers work as contractors for employment agencies during slow periods.

There are many ways to manage your finances while freelancing. From pooling resources with other freelancers to taking advantage of low-cost benefits, there’s no reason your finances should suffer while you do what you love.

This article was contributed by Jane Sanders from Debt Management. Visit her site for tips on choosing the right debt management service.

Now you can replay the video of every session, and the only cost is registering your e-mail address.

If you have already registered, you received an e-mail with a direct link to all the videos. If not, simply go to the replay page and sign up for free access to all 24 presentations.

Added 2/5/11: Even though the conference is over, check out the site as these folks are offering regular video training sessions for freelancers.

Added 2/5/11: Even though the conference is over, check out the site as these folks are offering regular video training sessions for freelancers.

You must register to attend the event, but registration is free, and you will have access to replays of the presentations if you can’t attend all the sessions live. Registration also gives you access to six pre-event videos.

The event bills itself as “the biggest ever free online conference exclusively for solo professionals.” The lineup of speakers is impressive, and the topics include many important to the success of any freelancer. The Web site includes the complete schedule and speaker bios.

Added 2/5/11: Even though the conference is over, check out the site as these folks are offering regular video training sessions for freelancers.