When should you hire a CPA?
February 6th, 2012 → 2:00 pm @ Carol
When should I hire a CPA for my writing business?
Are self publishing expenses tax deductible?
January 26th, 2012 → 1:45 pm @ Carol
Hi, I have questions please. In regards to self-publishing, can one claim those on taxes and if so in which section(s)? For instance, if I purchase marketing options and/or order copies of books for marketing purposes- I heard this could be claimed? What about publishing packages as well? In addition, I hired a freelance artist [...]
How picky is the home office deduction?
January 23rd, 2012 → 8:40 am @ Carol
This may seem like a really stupid question, but the exclusive use of space for a home office deduction, does that mean that the business owner can’t do any personal business in that space, like make personal phone calls, do personal things on the computer/internet, have personal files in the area, pay personal bills, etc? [...]
Don’t call yourself a hobby writer!
January 12th, 2012 → 8:04 am @ Carol
I would like to introduce myself — Tom Hebert. I am a C.P.A. by trade. Writing and publishing for me is a hobby — but a serious one! I recently self-published the first 30,000 words of my novel (“The Remains of the Corps”) and with the help of a friend converted it to an ebook, [...]
Forgot to Record my Odometer!
January 2nd, 2012 → 2:00 pm @ Carol
I forgot to record my odometer reading in my mileage log. What should I do? Use Goggle maps to calculate the mileage. In an audit, the IRS may ask for third party verification of mileage (such as oil change mileage readings), so an odometer reading is still the best record of mileage. Carol Topp, CPA [...]
I didn’t get paid. Is it a tax deduction?
December 29th, 2011 → 2:00 pm @ Carol
Tax FAQ: I didn’t get paid. Is it a tax deduction?
Not a hobby writer?
December 26th, 2011 → 2:00 pm @ Carol
How can I show that I’m not a hobby writer? I intend to make a profit; it just hasn’t happened yet. Keep a log of your work and your submissions to magazines, agents, publishers, etc. A submission log can be very helpful to show you are actively attempting to make a profit at this. Look [...]
Is all hobby income taxable?
December 19th, 2011 → 2:00 pm @ Carol
Is all hobby income taxable? Yes; anything you make from writing, your blog, etc is taxable income, even if it’s just a hobby. Come back next week for as another hobby writing question is answered! Or subscribe to my RSS feed or newsletter on the home page to get these blog posts sent to [...]
What CAN you write off on your taxes…and HOW?
December 15th, 2011 → 7:34 am @ Carol
(from LinkedIn Book Writing, Self Publishing, and Marketing for Business People ) Hello! I’m curious as to what’s the process for writing off materials that you’ve purchased specifically for writing your book. Are there categories that apply (computers, software) and some that don’t (research?)? What’s the step to identify those on taxes and do I [...]