Forgot to Record my Odometer!
January 2nd, 2012 → 2:00 pm @ Carol
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
Author to Business Owner: Mike Lawson
January 1st, 2012 → 2:00 pm @ Carol
Author to Business Owner is designed to provide first-hand business tips for any writer. Each special guest has graciously imparted knowledge of their writing business in hopes of encouraging fellow authors to grow and manage their own businesses. I am eager to introduce Mike Lawson, top-selling novelist! I first met Mike at the Midwest Writers […]
I didn’t get paid. Is it a tax deduction?
December 29th, 2011 → 2:00 pm @ Carol
Tax FAQ: I didn’t get paid. Is it a tax deduction?
Not a hobby writer?
December 26th, 2011 → 2:00 pm @ Carol
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 […]
Is all hobby income taxable?
December 19th, 2011 → 2:00 pm @ Carol
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 […]
What CAN you write off on your taxes…and HOW?
December 15th, 2011 → 7:34 am @ Carol
(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 […]
IRS announces new mileage rates for 2012
December 12th, 2011 → 5:44 pm @ Carol
From the IRS https://www.irs.gov/newsroom/article/0,,id=250882,00.html Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations […]
Can my writing and editing be one business?
December 12th, 2011 → 2:00 pm @ Carol
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
Shocking News To Authors: The Book Business Is A Business First
December 10th, 2011 → 8:25 am @ Carol
Terry Whalin, author and publisher, gives us insight into the costs of publishing that most authors never see. Before I began working inside a book publishing house, I had written more than 50 nonfiction books, ranging from children’s to adult books. I have never self-published a book and always worked through traditional publishers. However, […]
