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Days to Celebrate in April

March 23, 2020 Post a comment

April: English Language Month. A month-long celebration of the uniqueness of the English language and all the learners working hard to master it.

April: National Poetry Month. Spend time this month writing, reading, and studying poetry.

April: National Volunteer Month. In the United States, volunteerism is instilled at a young age. Most organizations in small towns, rural counties, and the largest cities would not function without volunteers.

April: Records and Information Management Month. This event celebrates good record keeping and information management and emphasizes the importance of having organized records.

April: Stress Awareness Month. This month, we are all challenged to keep our stress levels low, and our peace levels high.

April 4: National School Librarian Day. School librarians spend long hours keeping the library organized, helping our children find the resources they need to keep learning, and are dedicated to creating an environment they can learn every day of the year. Set aside some time to honor school librarians.

April 4: National Hug a Newsperson Day. Say thank you and send a hug to your local newsperson–virtually, of course.

April 5-11: National Public Health Week. The week focuses on prevention and reducing unhealthy activities.

April 7: National No Housework Day. Freelancers working from home sometimes choose to be distracted by housework rather than work on a challenging project. On this day, it is not allowed, so find something else to distract you–or rather, sit down and work on that challenging project.

April 8: National All Is Ours Day. This is a day to appreciate everything we have, rather than dwelling on what we don’t have.

April 10: National Encourage a Young Writer Day. Do you know a young person who has a vivid imagination, maybe someone who likes to tell stories and reads a lot of books? Encourage them to pursue their goals and develop their writing skills.

April 14: National Reach as High as You Can Day. Review and plan your goals for the upcoming quarter or the rest of the year as you reach for your dreams or goals.

April 14: Look Up at the Sky Day. Look for inspirations and beauty by looking up at the sky.

April 15: National Rubber Eraser Day. Celebrate the invention of erasers by acknowledging that we all make mistakes.

April 16: National Wear Your Pajamas to Work Day. Let go of the stress by wearing your pajamas to work.

April 16: Get to Know Your Customers Day. Select a customer and get to know them a little better today.

April 16: National High Five Day. Spend a moment on social media today, and give a virtual high five to someone who has recently helped you out.

April 17: National Haiku Poetry Day. Try your hand at this creative form today by writing about what you see outside.

April 19-25: National Library Week. Visit your local library in person or online, and give your library card a workout.

April 19-25: National Volunteer Week. Provide support by offering your services to a local organization you feel passionate about.

April 19-25: Administrative Professionals Week. Celebrate the administrative professionals and secretaries who keep businesses going.

April 21: National Library Workers Day. Libraries do so much more than house the books we can borrow nearly any time of the day or night. Today, library workers are masters of research.

April 22: National Bookmobile Day. Honor the access to information and resources our nation’s bookmobiles make available to our communities and the professionals who work diligently to provide these services.

April 22: National Administrative Professionals Day. Even some freelancers have virtual assistants, so we didn’t want you to miss this day! Celebrate your VA and show how much you appreciate this person.

April 23: National Take Our Daughters and Sons to Work Day. Take some time to mentor your sons and daughters and aspire their writing to new heights!

April 27: National Tell a Story Day. Share a story with fellow word lovers.

April 28: National Great Poetry Reading Day. Celebrate distinguished poetry and the notable poets who wrote them.

April 30: National Poem in Your Pocket Day. Memorize a poem or two to share with the people you meet throughout the day.

Kajli Prince, The Tax Expert

March 13, 2020 Post a comment

We wanted to get to know Kajli Prince (NAIWE’s Tax Expert) better, so last month we sat down with him. Here is what he shared with us.

For those of us who are putting funds in traditional or Roth IRAs to fund our retirement, the ages 50, 55, 59 1/2, and 72 may have implications for our taxes. Please explain the implications as they relate to taxes for freelancers.

There are really only three relevant ages, with respect to individual retirement accounts, i.e., traditional and Roth IRAs: 50, 59 1/2, and 72. Further, these ages are relevant as pertains to contributions (limits) and distributions.

Individual Retirement Account

Contributions (for 2019 and 2020)

Under age 50 = $6,000

Age 50 and older = $6,000.00 + $1,000.00 catch-up

Note: For a SEP IRA (for self-employed persons) = 20% of net self-employment (SE) income after one-half SE tax deduction, up to $57,00.00. So basically, 20% of the same number the qualified business income deduction is calculated from.

Distributions (for 2019 and 2020)

Under age 59 1/2, distributions (withdrawals) are subject to an additional 10% tax. And if you participate in traditional IRA (not a Roth) and are 70 1/2 years old in 2019 you must take your first required minimum distribution (RMD) by April 1, 2020. If you reach age 70 1/2 in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.

There is no particular significance to age 55. Although, it is a good age to consider your current tax rate and the type of IRA you are making contributions to.

For self-employed individuals, what is considered proof of income for tax purposes?

Documentation as proof of income can be very broad for self-employed individuals. For example, you can record the fact that you paid for goods or services on a napkin while doing a business transaction in a bar. At the end of the day, you just have to be able to show documentation for whatever income and expenses you are reporting on your tax return.

When preparing tax returns for freelancers, what deductions have you seen are the most overlooked?

I would say the home-office deduction. But I think a close second would be retirement tax shelters and credits. I will go into more detail during the webinar, and for now I will say self-employed individuals definitely benefit from some pretty sweet perks.

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For those of you who are putting funds in traditional or Roth IRAs to fund your retirement, the ages 50, 55, 59 1/2, and 72 have implications for your taxes. There are limitations when it comes to IRAs whether it is a Traditional or a Roth. The various limitations have to do with income, whether or not you participate in your employer’s retirement account, your filing status, and your age.

You can join in this conversation on March 27, at 7 pm eastern, when NAIWE will host a discussion on identifying and managing difficult freelance clients. The cost for NAIWE members is only $10! Non-members can join for $30. Register today!

Words Matter Week: Writing Challenge Day 5

March 6, 2020 2 Comments

Friday’s writing challenge: Words can smooth a rough situation. What words have you found have turned a bad situation around?

Interested in participating in the NAIWE writing challenge? Each day we will post a question. Respond to the question on your blog or social media page (be sure to include #WordsMatterWeek in your response), and then link back to it in the comments of the corresponding article on the NAIWE blog. For each challenge you respond to, you will receive one entry (and a bonus entry for each response written on your NAIWE blog). At the end of the week, we will have a drawing, and one person will win free access to a NAIWE webinar, along with a mention and link in the next newsletter!