Neil Holdway
@nholdway.bsky.social
Writer/editor, suburbanchicagobicycling.com. Former Daily Herald (Chicago) DME/late news. Past President of ACES: The Society for Editing. Possibly obsessed with U2, and with shrimp and chowda. Opinions expressed are my own.
Relatedly, how are *you* making a living/managing to eat in the meantime? Still freelancing, etc., as you had been? (Hello! I'm a former newspaper editor, now bicycling blogger.) #ACESChat
September 3, 2025 at 8:38 PM
Relatedly, how are *you* making a living/managing to eat in the meantime? Still freelancing, etc., as you had been? (Hello! I'm a former newspaper editor, now bicycling blogger.) #ACESChat
It's also true that it's unclear where to list reference books, or any kind of research really, on tax forms. My boss and I learned that early on; the Schedule C has a section of blank lines where you can list expenses that don't fit into the neat categories on the first page. #ACESChat
July 15, 2025 at 8:56 PM
It's also true that it's unclear where to list reference books, or any kind of research really, on tax forms. My boss and I learned that early on; the Schedule C has a section of blank lines where you can list expenses that don't fit into the neat categories on the first page. #ACESChat
I was just looking up the option to depreciate reference books, cuz I had not heard of that. I see there's debate on what to list for their "useful life," which is a thing for depreciation. Interesting. (Now we're really geeking out.) #ACESChat
July 15, 2025 at 8:48 PM
I was just looking up the option to depreciate reference books, cuz I had not heard of that. I see there's debate on what to list for their "useful life," which is a thing for depreciation. Interesting. (Now we're really geeking out.) #ACESChat
A10: The IRS website is surprisingly impressive — it's the tax code that is sometimes written terribly, not IRS advice. Also, accountants’ blogs, bookkeeping software sites. Just watch the pub date to ensure against outdated info. (Congress just passed new tax code, don't you know.) #ACESChat 2/2
July 15, 2025 at 8:47 PM
A10: The IRS website is surprisingly impressive — it's the tax code that is sometimes written terribly, not IRS advice. Also, accountants’ blogs, bookkeeping software sites. Just watch the pub date to ensure against outdated info. (Congress just passed new tax code, don't you know.) #ACESChat 2/2
A10: Keepertax.com — refreshingly good blog material with accurate and clear detail. Also, hrblock.com/tax-center, TaxSlayer.com/blog, wolterskluwer.com Tax Resource Center ... #ACESChat 1/2
July 15, 2025 at 8:45 PM
A10: Keepertax.com — refreshingly good blog material with accurate and clear detail. Also, hrblock.com/tax-center, TaxSlayer.com/blog, wolterskluwer.com Tax Resource Center ... #ACESChat 1/2
A9. Keep track in a notebook, on a spreadsheet or in software, or even apps. And then start doing it **now**. You don’t want to scramble for that info in March or April. In this way, this tracking is almost harder than the taxes, which can be easy if you're well-organized. #ACESChat 2/2
July 15, 2025 at 8:40 PM
A9. Keep track in a notebook, on a spreadsheet or in software, or even apps. And then start doing it **now**. You don’t want to scramble for that info in March or April. In this way, this tracking is almost harder than the taxes, which can be easy if you're well-organized. #ACESChat 2/2
A9: There's no more fun thing to do in July than to get ready for taxes! (cough cough) OK, seriously, the first thing is figure out how you will keep track of your income and expenses, and categorize those expenses. #ACESChat 1/2
July 15, 2025 at 8:39 PM
A9: There's no more fun thing to do in July than to get ready for taxes! (cough cough) OK, seriously, the first thing is figure out how you will keep track of your income and expenses, and categorize those expenses. #ACESChat 1/2
A8. BTW, a deduction or “write-off” does not equal a free thing for you; it’s just a tax savings. As this “Schitt’s Creek” scene explains (h/t to Crystal Shelley @redpenrabbit.bsky.social for showing me this): youtu.be/aCP27_vquxQ?... 4/4 #ACESChat
Is this a write off? Scene from Schitt's Creek
YouTube video by Prof Christians
youtu.be
July 15, 2025 at 8:36 PM
A8. BTW, a deduction or “write-off” does not equal a free thing for you; it’s just a tax savings. As this “Schitt’s Creek” scene explains (h/t to Crystal Shelley @redpenrabbit.bsky.social for showing me this): youtu.be/aCP27_vquxQ?... 4/4 #ACESChat
A8. Subscriptions pertaining to your field of work (say, investment newsletter if you edit financial copy, or trade pubs). Work productivity tools. Decor for your home office, however, is debated (feng shui makes me more productive?). 3/4 #ACESChat
July 15, 2025 at 8:35 PM
A8. Subscriptions pertaining to your field of work (say, investment newsletter if you edit financial copy, or trade pubs). Work productivity tools. Decor for your home office, however, is debated (feng shui makes me more productive?). 3/4 #ACESChat
A8. And there are seemingly odd things to consider. I was once asked, can I deduct books? Like, I edit books, so I need to research similar books. Yep, a case can be made *if* they’re in your genre/field. Reference books for sure. “Research” costs, legit. 2/4 #ACESChat
July 15, 2025 at 8:35 PM
A8. And there are seemingly odd things to consider. I was once asked, can I deduct books? Like, I edit books, so I need to research similar books. Yep, a case can be made *if* they’re in your genre/field. Reference books for sure. “Research” costs, legit. 2/4 #ACESChat
A8. No! Don’t forget business banking fees, credit card fees (related to business), training costs (including cont. education to improve skills), professional membership dues. Plus health insurance premiums *if* you don’t have access to a plan such as employer’s or spouse’s. 1/4 #ACESChat
July 15, 2025 at 8:34 PM
A8. No! Don’t forget business banking fees, credit card fees (related to business), training costs (including cont. education to improve skills), professional membership dues. Plus health insurance premiums *if* you don’t have access to a plan such as employer’s or spouse’s. 1/4 #ACESChat
A7. Also, if you suddenly have a big payday, you may not be *required* to pay estimated taxes (if you’re paying taxes at last year’s pace), but you *will* have to pay extra taxes sometime, so be aware at tax time. You *can* pay *more* estimated taxes anytime you want. 5/5 #ACESChat
July 15, 2025 at 8:32 PM
A7. Also, if you suddenly have a big payday, you may not be *required* to pay estimated taxes (if you’re paying taxes at last year’s pace), but you *will* have to pay extra taxes sometime, so be aware at tax time. You *can* pay *more* estimated taxes anytime you want. 5/5 #ACESChat
A7. BTW, if your income really fluctuates, you can pay estimated taxes accordingly. You kinda have to estimate your taxes piecemeal, and will have to account for that at tax time. Tedious but can be done. 4/5 #ACESChat
July 15, 2025 at 8:31 PM
A7. BTW, if your income really fluctuates, you can pay estimated taxes accordingly. You kinda have to estimate your taxes piecemeal, and will have to account for that at tax time. Tedious but can be done. 4/5 #ACESChat
A7. This is true if you’re also a W-2 worker (for a company/org); if you have self-employment income with no withholding, still may have to pay est. taxes. You *can* increase W-2 withholding to cover your self-employment taxes. Same if married-filing-jointly and spouse is W-2. 3/5 #ACESChat
July 15, 2025 at 8:31 PM
A7. This is true if you’re also a W-2 worker (for a company/org); if you have self-employment income with no withholding, still may have to pay est. taxes. You *can* increase W-2 withholding to cover your self-employment taxes. Same if married-filing-jointly and spouse is W-2. 3/5 #ACESChat
A7. The estimated tax failsafe to avoid penalties: Pay 100% of last year’s taxes (or 110% if income is $75,000+ single/$150,000+ couple). Otherwise, you must have paid 90% of current year’s taxes. Former is definitely preferable — unless you’re having a down year, don’t have the funds. 2/5 #ACESChat
July 15, 2025 at 8:31 PM
A7. The estimated tax failsafe to avoid penalties: Pay 100% of last year’s taxes (or 110% if income is $75,000+ single/$150,000+ couple). Otherwise, you must have paid 90% of current year’s taxes. Former is definitely preferable — unless you’re having a down year, don’t have the funds. 2/5 #ACESChat
A7. If you know that you will owe $1,000+ in federal taxes for the year that are not withheld, you must pay estimated taxes. Then states have their own rules. Well, how do you know if you’ll owe $1,000? There’s a worksheet to estimate — it’s a lot of educated guessing. 1/5 #ACESChat
July 15, 2025 at 8:30 PM
A7. If you know that you will owe $1,000+ in federal taxes for the year that are not withheld, you must pay estimated taxes. Then states have their own rules. Well, how do you know if you’ll owe $1,000? There’s a worksheet to estimate — it’s a lot of educated guessing. 1/5 #ACESChat
A6. The home-office deduction is intimidating like that, discouraging people, but you can do it! (There's a simplified option, too.) #ACESChat
July 15, 2025 at 8:29 PM
A6. The home-office deduction is intimidating like that, discouraging people, but you can do it! (There's a simplified option, too.) #ACESChat
A6: Here’s a good further explainer I found, from “Nick the CPA.” Really. youtu.be/9Win8Df_8hk?... 6/6 #ACESChat
3 MUST-KNOW Rules for Home Office Deductions
YouTube video by Nick The CPA
youtu.be
July 15, 2025 at 8:26 PM
A6: Here’s a good further explainer I found, from “Nick the CPA.” Really. youtu.be/9Win8Df_8hk?... 6/6 #ACESChat
A6. Then you must know the square footage of the space. And you *may* need to know that space’s percentage of the home’s square footage. Then you may need to know your home’s total costs. (Hint: bigger the office, likely the more you must know.) Plus costs specific to that office. 5/6 #ACESChat
July 15, 2025 at 8:25 PM
A6. Then you must know the square footage of the space. And you *may* need to know that space’s percentage of the home’s square footage. Then you may need to know your home’s total costs. (Hint: bigger the office, likely the more you must know.) Plus costs specific to that office. 5/6 #ACESChat
A6. If you’re good with those rules, any *separate* home-office space qualifies: a room, a part of a room (clearly separate, like with a table/desk and chair), a closet, the garage, the shed. Can be in rented home or owned. Work on dining room table or couch? No, doesn’t count. 4/6 #ACESChat
July 15, 2025 at 8:24 PM
A6. If you’re good with those rules, any *separate* home-office space qualifies: a room, a part of a room (clearly separate, like with a table/desk and chair), a closet, the garage, the shed. Can be in rented home or owned. Work on dining room table or couch? No, doesn’t count. 4/6 #ACESChat