Today’s Writing Tip

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With tax time coming up, at least the USA’s infamous April 15, remember to keep track of all your writing expenses for your tax return. Research, subscriptions, social media, online services, promotional expenses, contest fees, club memberships, etc. are all tax deductible as business expense.

Whatever you do, don’t ever call your efforts a hobby if you’re seriously trying to make money as an author. I’m not a tax expert, but so I’ve heard. Even if it takes you years to turn a profit, as long as you can back it up that your intent is to be profitable with receipts and so forth, you should be okay.

One trick of business owners is to always do a little promotion on vacation so they can write off trip expenses. Thus, book research fits this category. Even if it doesn’t fit your  WIP or current list of future titles, take notes to file away for later use.

4 thoughts on “Today’s Writing Tip

    • I’ve used H&R Block’s software for over ten years and it provides for efiling. For me the worst part is adding up all the business expenses and filling out all the forms for two companies, my astrology work and writing/publishing. It will only take me a day or two when I set my mind to it, but not something I enjoy.

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      • Previously, it took me a couple days, which is what I set aside. Then, armed with my stack of 1099s, etc, I sat down with this new program and believe it or not, was finished in less than 2 hours! Don’t know if that was an anomaly or I was particularly organized (doubt the later).

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      • It takes me that long to go through all my receipts and put them in a spread sheet by category, etc. for two different endeavors. During the year I throw them into a manila folder or email folder, then have to sort and add them up. I always say I’ll do it as the year progresses but somehow never do. I’d give blood and pay money for a PA to take care of that kind of thing.


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