If you are like most freelance writers, you keep a close eye on your income level. You may have established daily, weekly, and monthly income goals that you want to meet. You also may have created a schedule and lined up assignments that allow you to meet your goals. However, there are other factors that can affect your total income that you may not be taking into account. Consider some of these factors:

Tax Deductions

When you are a self-employed freelance writer, and especially if you work from home most or all of the time, you may be able to enjoy numerous tax deductions. You do want to work with your accountant to identify all possible tax deductions. However, you may be able to write off expenses such as the purchase of a new computer, office supplies, a portion of your home expenses such as utilities and repairs, and more. If you travel for your job, such as if you write travel reviews, you may be able to write off a portion of your travel-related expenses, too. These deductions may result in a boost to your overall net income.

Time Efficiency

It is one thing to have income goals, but if you are working eighteen hours a day to meet your income goals, freelance writing may not be quite as profitable as you think it is. Your income level is a component of both income and the time it takes you to earn that income. If your writing results in income that equates to $8 per hour, you may find another line of work more profitable. Many freelance writers, however, successfully can generate $30, $40, or more per hour. Improving your writing skills as well as your time efficiency can often result in greater income potential and less overall time necessary to meet your income goals.

Your Assignments

The assignments you choose to work on have a significant impact on your overall income potential. Most freelance writers have no trouble locating the assignments they need to work on to meet income goals. However, some assignments may be faster and easier for you to complete than others. For instance, if you have a medical background or specialized medical training, writing about health-related topics may come more naturally for you and may require less research on your part. Yet writing about financial topics may be like pulling teeth. Picking the right assignments has a lot to do with how quickly and easily you can write. Further, assignments on niche topics often have a premium level of pay, and so you can further enjoy a boost to your income when you put your specialized knowledge to use.

As a freelance writer, you should have specific income goals in place, and you should take steps to find assignments that help you achieve your income goals. However, you should also consider how the above factors can affect your earning potential and total income. You may find that by making a few simple adjustments to how you work and which assignments you work on, you can significantly boost your income without the need to work any additional hours during the day.