Quick Read.

How Not To Pay Double Tax On Your Medium Income.

Foreign tax credits and leaving things up to free experts.

Photo by Anjo Clacino on Unsplash

So, I worked in lending and insurance for close to twenty years, starting soon after completing a few finance papers for the business portion of my double major in business and psychology, which eventually became a single major in psychology.

Managing a young family, new mortgage, renovations, part-time study and full-time work in finance meant I had no time to complete any more years of study.

Nonetheless, I’m good with numbers and have the personality to sell the air you breathe, so I fell into one of the many lending positions available during a booming economy.

We did not have anything near the technology we have today back in the early 2000s and having accounting papers and a good level of tax knowledge was very helpful for calculating and increasing disposable income, particularly for businesses.

Still, with all the technology and help we have today, I did not pay enough tax, I had a tax bill that looked higher than what I’d made that year. When I finally sat down to work out where I’d gone wrong, it was a simple and most obvious mistake.

Photo by Darius Bashar on Unsplash

I submitted the income as self-employment with expenses, and the tax department had received information for overseas income, both incomes vary, but one portion is identical — my medium income.

Long story short, I was charged tax on the same income twice, once as self-employment and the other as overseas income.

Declare your overseas Medium income as content creator income (every country will have a different term), but it’s a specific self-employment income, and you can clarify that the two are separate. You automatically pay 5% overseas tax with Medium, so remember to apply for foreign tax credits.

Apologies for the lack of expertise and detail, I spent some time on the phone with an expert at the tax department before we both worked out where we went wrong.

Trust your instincts and appreciate expert guidance, they’re especially glad to assist you when you may owe them money.💚

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