Years of losses from business can still be deducted

October 1st, 2013 → 8:07 pm @

 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 […]

Blog &Tax Tips for Writers

Are gifts from Kickstarter taxable income or a donation?

April 18th, 2013 → 8:26 am @

An author wants to use Kickstarter to crowd fund his book. Is it taxable income to him or a gift?

Blog

Some bad tax advice for writers floating around out there!

March 28th, 2013 → 8:09 am @

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.

Blog &Tax Tips for Writers

Video blog: Will losses mean writing is a hobby?

March 18th, 2013 → 8:53 am @

If you show losses as a writer for 3 years in a row will the IRS classify you as a hobby writer?

Blog &Tax Tips for Writers &Video blog

Taxes for an information writing partnership between co-authors

March 4th, 2013 → 8:19 am @

Advice on how to handle the taxes for co-authors in an informal partnership

Blog &Tax Tips for Writers

Tax Tip for writers: Your tax preparer should be registered with the IRS (or maybe not!)

January 31st, 2013 → 8:25 am @

The IRS is now (make that was) requiring that everyone who prepares a tax return for a fee to register with the IRS.

Blog &Tax Tips for Writers

How often should an author be paying income tax?

January 7th, 2013 → 1:05 pm @

To avoid an IRS penalty, writers and authors should make quarterly tax payments.

Blog &Tax Tips for Writers

Using crowd funding to raise money for your book

September 27th, 2012 → 6:09 pm @

How does the IRS see income from crowd funding sources like Kickstarter?

Blog &Tax Tips for Writers

Video Blog: IRS denies business expenses to author

July 10th, 2012 → 6:11 pm @

I discuss why a wanna-be author was not allowed $19,000 in travel expenses for his (un)published book on world -wide travel.

Blog &Tax Tips for Writers

Who says you’re a professional writer?

January 30th, 2012 → 8:19 am @

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 […]

Blog &Business Tips for Writers