Don’t call yourself a hobby writer!

January 12th, 2012 → 8:04 am @

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, […]

Blog &Business Tips for Writers &Q&A

What Do CPA’s Charge?

January 5th, 2012 → 8:19 am @

What Do CPA’s Charge?

Blog &Q&A &Tax Tips for Writers

Forgot to Record my Odometer!

January 2nd, 2012 → 2:00 pm @

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

Blog &Q&A

I didn’t get paid. Is it a tax deduction?

December 29th, 2011 → 2:00 pm @

Tax FAQ: I didn’t get paid. Is it a tax deduction?

Blog &Q&A &Tax Tips for Writers

Not a hobby writer?

December 26th, 2011 → 2:00 pm @

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 […]

Blog &Business Tips for Writers &Q&A

Is all hobby income taxable?

December 19th, 2011 → 2:00 pm @

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 […]

Blog &Q&A &Tax Tips for Writers

What CAN you write off on your taxes…and HOW?

December 15th, 2011 → 7:34 am @

(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 […]

Blog &Q&A &Tax Tips for Writers

Can my writing and editing be one business?

December 12th, 2011 → 2:00 pm @

I’m a writer and an editor? Are these two separate businesses? They are closely related and can be considered the same business for tax preparation. You should be able to combine the income and expenses into one Schedule C Profit or Loss from Business.   Carol Topp, CPA

Blog &Q&A

When is a business expense a tax deduction?

November 28th, 2011 → 2:00 pm @

I’ve been “eating my losses” from writing (i.e. not claiming them on my tax return). I need a new PC. Is it a business deduction? Yes! A computer is a necessary (meaning helpful and appropriate) and ordinary expense for a writer. The IRS explains what makes a business expense a tax deduction: “To be deductible, […]

Blog &Q&A &Tax Tips for Writers

Tax Return Tips Every Writer Should Know About

November 21st, 2011 → 2:00 pm @

I don’t have any income from my writing yet. Do I still file a tax return for it? Yes, a writer with a profit motive can and should file a Schedule C Profit or Loss from Business with their personal Form 1040 and claim their legitimate business expenses. My business is related to the book […]

Blog &Q&A &Tax Tips for Writers