February 28th, 2017 → 1:45 pm @ Carol
Hi,
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 for cover and interior illustrations. Could this all be for marketing and/or business related?
Thanks very much!
Vanessa
Vanessa,
Yes, all the expenses you mentioned are tax deductible business expenses. Marketing, books, artists, publishing packages, etc. all are tax deductions.
Which section of your tax return depends on the type of business. If you are a sole proprietor (most self publishers just starting out are sole proprietors), you’ll list your income and expenses on Schedule C of your Form 1040.
Chapter 13 Income Taxes in Business Tips and Taxes for Writers will be a big help to you in preparing your tax return, but I recommend you also hire a local tax professional to help you set up your business and get every deduction you are allowed!
Good luck to you!!
Tags: author, IRS, self pubisher, tax deduction, tax deductions, taxes
Bernard Rohde
11 years ago
Hi my wife wrote a book and Publish American
Handled it and turned out to be a bad experience
We’re thinking of reintroducing it as a self published
book but don’t know which service to trust for the
value like Amazon or some other service.
I want to also buy your book if we self publish to learn what is
deductible and what is not. I’m a Texas CPA but
have no experience with this.
Carol
11 years ago
Sorry the your bad experience.
I liked my experience with Createspace.com, FWIW.
You’ll learn a lot more than just what’s tax deductible from my book, Business Tips and Taxes for Writers!
You’ll also get a lot of great business advice.
Carol Topp, CPA
Tax Deductions and other IRS Matters for Authors | WD Ghostwriting Services
10 years ago
[…] “Are self publishing expenses tax deductible?“-Authors who choose to self-publish may end up hiring a ghostwriter, editor, graphic designer, buying their own ISBN, hiring publicity or marketing companies, designing websites or even hiring a self-publishing company to form their publishing success team. Read this post to find out which of these expenses are tax deductible and how to claim your deductions. As an encore, I also recommend that you read “5 Secrets to Tax Deductions,” “More Tax Deductions for Authors” and “Even more tax deductions for writers.” If you join her mailing list while you are on her website, you can download a free e-book about tax deductions for writers. […]
Denise A Wheeler
10 years ago
As a newly self-published writer, the information on this site will be helpful.