Chicagoland Freelance News | NOV 2022

Tags

, ,

This is a truncated version of the EFA Chicagoland Chapter News. If you would like to read the full e-newsletter, visit the archive, where you can also subscribe to have it delivered to your inbox monthly.

MIND CANDY

  • Hard Conversations. Need to have a hard conversation with a client? These five email templates—from setting expectations and turning down work to addressing scope creep—may help.  
  • Freelance Future. An MBO Partners survey found that 67% of companies plan to increase their freelance workforce substantially or somewhat within the next 18 months.
  • IL Best. Two Illinois locations were named to the list of 50 Best Places to Live 2022 in the United States: Naperville, which came in 16th, and Chicago’s farthest-north neighborhood, Rogers Park, which placed fifth on the list though it’s always been No. 1 in Kandy’s heart.

FREELANCE NEWS

Upcoming IRS Inflation Adjustments, Tax Changes

The IRS recently announced several inflation adjustments and changes that will take effect for the 2023 federal tax season, including the following:

  • Federal tax brackets will increase by about 7% each.
  • The standard deduction will rise to $13,850 for single filers and to $27,700 for married couples filing jointly.
  • The tax-deductible contribution limit on Healthcare Flexible Spending Accounts will increase to $3,050, while its maximum carryover will increase to $610.
  • The maximum Earned Income Tax Credit will increase by about 7%.
  • The contribution limits for IRAs will rise to $6,500 ($7,500 for those 50 years old or older) and to $15,500 for SIMPLE retirement accounts, while the income limit for the Saver’s Credit will also increase.
  • For SEP IRAs and solo 401(k) plans, the total limit allowed for both employee and employer will be $66,000 for 2023. For cash-balance pension plans, the limit will be $265,000.

PODCASTS TO PONDER

By Amy Spungen

  • The Creative Penn. This summer, host Joanna Penn interviewed EFA member and new Events Committee Chairperson Kristen Tate on “Different Kinds of Editing, and How to Find An Editor.” Tate has edited several of Penn’s novels and a book of nonfiction. Among other things, the two discussed the importance of “fit” between an author and editor and why hiring an editor for specific tasks (ranging from developmental editing to copyediting to proofreading) is important at different stages of writing and publishing. So many useful nuggets in this delightful conversation! (July 4)
  • The Editing Podcast. What are editorial professional standards? In a brief but illuminating episode by that name, co-hosts Louise Harnby and Denise Cowle show how such standards help freelance editors as well as authors. The bottom line is that meeting editorial professional standards offers credibility to freelance editors, and hiring an editor with such professional credentials instills confidence in clients. According to the co-hosts, the United Kingdom, Canada, Australia, and New Zealand all offer editorial professional standards to their freelance editors through organizations like the Chartered Institute of Editing and Proofreading (CIEP) and Editors Canada. (Sadly, for now we have no such equivalent in the United States; perhaps the EFA will offer them in the future, to the benefit of us all.) (August 30)
  • The Writers’ Co-op. What can you do if you’ve grown tired of your freelance niche? In this final episode of season five, “Managing Service Transitions,” co-hosts Jenni Gritters and Wudan Yan offer advice on how to direct your editorial and writing skills toward new types of work. (July 25)

CALENDAR

For nationwide (and some worldwide) media- and publishing-related conferences, webinars, and other events of interest to self-employed editorial freelancers, see the Media Types Omnicalendar.

Advertisement