Chapter One: Writing As a Hobby

  • Hobby or Business?
  • Hobby Income
  • Hobby Expenses
  • No Hobby Losses Allowed

Chapter Two: Writing as a Ministry

  • Charitable Nonprofit Organizations
  • IRS Qualified Charity
  • Running a Business as a Ministry
  • Can an Author Start a 501(c)(3) Charitable Organization?
  • Advantages of Qualified Charity Status for Publishers
  • Disadvantages of 501(c)(3) Status
  • Process to Obtain Qualified Charity Status
  • 501(c)(3) Status for Publishing Companies and the IRS

Chapter Three: Sole Proprietorships

  • Characteristics of a Sole Proprietorship
  • Tax ID Number
  • Business Name
  • Business Checking Account

Chapter Four: Partnerships

  • Taxes for Partnerships
  • Problems with Partnerships
  • Careful Planning
  • Consider Alternatives
  • Publishing Contracts
  • Co-Author Agreements

Chapter Five: Corporations

  • S Corp structure
  • Taxation of S Corps
  • Caution on S Corps
  • Payroll and Tax Preparation on S Corps
  • C Corporations
  • Advantages
  • Disadvantages
  • Taxes for Corps
  • When to Consider C Corporation Status

Chapter Six: Limited Liability Companies

  • Benefits of LLC Status
  • Disadvantages of LLC Status
  • When to Consider Limited Liability Status

Chapter Seven: Financial Planning for Your Business

  • Business Plan: Financial Section
  • Start-Up Expenses
  • Tax Deduction For Start Up Expenses
  • Initial Production Costs
  • Break-Even Analysis
  • Pricing Your Book
  • Funding Start-Up and Initial Production Costs

Chapter Eight: Organizing Business Records

  • Records of Income and Expenses
  • Banking Records
  • Credit Cards and Paypal Statements.
  • Checkbook Tips
  • Government Correspondence
  • Record Keeping Process

Chapter Nine: A Simple Bookkeeping Method

  • Set Up
  • Recording
  • Summary Spreadsheet

Chapter Ten: Record Keeping Software

  • Personal Money Management Software
  • Accounting Software
  • Several Versions of Software
  • Warning About Software
  • Hiring Help with Bookkeeping
  • Software for Publishers

Chapter Eleven: Inventory

  • Problems with Inventory
  • Alternatives to Shipping Yourself
  • Alternatives to Inventory
  • Electronic Books
  • Importance of Inventory Control
  • Tax Aspects of Inventory
  • Cost of Goods Sold
  • Counting Inventory

Chapter Twelve: Sales Tax

  • How to Keep Sales tax Records
  • Sales Tax Included in the Price or Not?
  • Making Payments to Your State Government
  • File the Form Even if No Tax is Owed
  • Do Not Spend the Sales Tax Collected
  • Exemptions from Sales Tax
  • On-line Sales and Sales Tax

Chapter Thirteen: Income Tax

  • Tax Form for Sole Proprietors: Schedule C
  • Name and Number
  • Method of Accounting
  • Income
  • Expenses
  • Unique Deductions For Authors
  • Be Aware of Self-employment Tax
  • Are Royalties Taxable?
  • Tax Planning

Chapter Fourteen: Working with an accountant

  • What Can a CPA Do for You?
  • How Much Do CPAs Charge?
  • Questions to Ask an Accountant

Chapter Fifteen: Mistakes Authors & Publishers Make

Chapter Sixteen: Expert Advice from Authors

Chapter Seventeen: Resources