Updated Table of Contents for 3rd Edition

Chapter 1 Writing As a Hobby

  • Hobby or Business?
  • Hobby Income
  • Hobby Expenses
  • No Hobby Losses Allowed

Chapter 2 Writing as a Ministry

  • Charitable Nonprofit Organizations
  • IRS Qualified Charity
  • Running a Business as a Ministry
  • Can an Author Start a 501(c)(3) Charitable Organization?
  • Advantages of Qualified Charity Status for Publishers
  • Disadvantages of 501(c)(3) Status
  • Process to Obtain Qualified Charity Status
  • 501(c)(3) Status for Publishing Companies and the IRS

Chapter 3 Writing as a Blogger

  • Uniqueness of Blogging
  • Blogging as a Hobby or a Business
  • How Do Bloggers Make Money?
  • Reporting Income on a Bloggers Tax Return
  • Tax Deductions for bloggers
  • Tax Reporting and Form 1099-K

Chapter 4: Sole Proprietorships

  • Characteristics of a Sole Proprietorship
  • Tax ID Number
  • Business Name
  • Business Checking Account

Chapter 5 Partnerships

  • Taxes for Partnerships
  • Problems with Partnerships
  • Careful Planning
  • Consider Alternatives
  • Publishing Contracts
  • Co-Author Agreements

Chapter 6 Corporations

  • S Corp structure
  • Taxation of S Corps
  • Caution on S Corps
  • Payroll and Tax Preparation on S Corps
  • C Corporations
  • Advantages
  • Disadvantages
  • Taxes for Corps
  • When to Consider C Corporation Status

Chapter 7 Limited Liability Companies

  • What LLC Status Means and What It Doesn’t Mean
  • Benefits of LLC Status
  • Disadvantages of LLC Status
  • When to Consider Limited Liability Status
  • Protecting Your LLC Status

Chapter 8 Financial Planning for Your Business

  • Business Plan: Financial Section
  • Start-Up Expenses
  • Tax Deduction For Start Up Expenses
  • Initial Production Costs
  • Break-Even Analysis
  • Pricing Your Book
  • Funding Start-Up and Initial Production Costs

Chapter 9 Organizing Business Records

  • Records of Income and Expenses
  • Banking Records
  • Credit Cards and Paypal Statements.
  • Checkbook Tips
  • Government Correspondence
  • Record Keeping Process

Chapter 10 A Simple Bookkeeping Method

  • Set Up
  • Recording
  • Summary Spreadsheet

Chapter 11 Record Keeping Software

  • Personal Money Management Software
  • Accounting Software
  • Several Versions of Software
  • Warning About Software
  • Hiring Help with Bookkeeping
  • Software for Publishers

Chapter 12 Inventory

  • Problems with Inventory
  • Alternatives to Shipping Yourself
  • Alternatives to Inventory
  • Electronic Books
  • Importance of Inventory Control
  • Tax Aspects of Inventory
  • Cost of Goods Sold
  • Counting Inventory

Chapter 13 Sales Tax

  • How to Keep Sales Tax Records
  • Sales Tax Included in the Price or Not?
  • Making Payments to Your State Government
  • File the Form Even if No Tax is Owed
  • Do Not Spend the Sales Tax Collected
  • Exemptions to Sales Tax
  • On-line Sales and Sales Tax

Chapter 14 Income Tax for Authors

  • Tax Form for Sole Proprietors: Schedule C
  • Name and Number
  • Method of Accounting
  • Income
  • Expenses
  • Unique Deductions For Authors
  • Tax Cut for Small Businesses
  • Be Aware of Self-Employment Tax
  • Are Royalties Taxable?
  • Tax Planning

Chapter 15 Working with an Accountant

  • What Can a CPA Do for You?
  • How Much Do CPAs Charge?
  • Questions to Ask an Accountant

Chapter 16 Common Mistakes Made by Authors and Publishers

Chapter 17 Resources