Years of losses from business can still be deducted
October 1st, 2013 → 8:07 pm @ Carol Topp
Many authors and other self-employed business owners seem to think that if they suffer years of losses, their business will be classified as a hobby (which is quite punishing from a tax perspective). But, I always explain that a business can have years of losses and still be considered a legitimate business. Here’s an excellent […]
Are gifts from Kickstarter taxable income or a donation?
April 18th, 2013 → 8:26 am @ Carol Topp
An author wants to use Kickstarter to crowd fund his book. Is it taxable income to him or a gift?
Some bad tax advice for writers floating around out there!
March 28th, 2013 → 8:09 am @ Carol Topp
Understand that hobby income is fully taxable and rarely are the expenses deductible. It is usually advantageous to consider your writing as business, not a hobby.
Video blog: Will losses mean writing is a hobby?
March 18th, 2013 → 8:53 am @ Carol Topp
If you show losses as a writer for 3 years in a row will the IRS classify you as a hobby writer?
Taxes for an information writing partnership between co-authors
March 4th, 2013 → 8:19 am @ Carol Topp
Advice on how to handle the taxes for co-authors in an informal partnership
Tax Tip for writers: Your tax preparer should be registered with the IRS (or maybe not!)
January 31st, 2013 → 8:25 am @ Carol Topp
The IRS is now (make that was) requiring that everyone who prepares a tax return for a fee to register with the IRS.
How often should an author be paying income tax?
January 7th, 2013 → 1:05 pm @ Carol Topp
To avoid an IRS penalty, writers and authors should make quarterly tax payments.
Using crowd funding to raise money for your book
September 27th, 2012 → 6:09 pm @ Carol Topp
How does the IRS see income from crowd funding sources like Kickstarter?
Video Blog: IRS denies business expenses to author
July 10th, 2012 → 6:11 pm @ Carol Topp
I discuss why a wanna-be author was not allowed $19,000 in travel expenses for his (un)published book on world -wide travel.
Who says you’re a professional writer?
January 30th, 2012 → 8:19 am @ Carol Topp
Nailing Down Your Professional Status By Gary A. Hensley In the old television show Sanford and Son, Fred Sanford asks a man, “Who says you’re an attorney?” “I do,” the man says. Fred says, “Who says you’re not?” The man mumbles, “The State of California.” You don’t want to be on the wrong end of […]
