I never claimed start up expenses on my tax return
March 7th, 2017 → 8:22 am @ Carol
Carol, I listened to your webinar on Writers: Prepare Your Taxes Properly. I am not sure if I will have income this year from my book as it is due out either in December or January. I have expenses of $5,500 so far this year. I also had similar expenses last year but never filed […]
Are self publishing expenses tax deductible?
February 28th, 2017 → 1:45 pm @ Carol
A new author asks what expenses are tax deductions
Hobby or Business?
February 7th, 2017 → 11:08 am @ Carol
How do you know if you have a hobby or a business?
Answers to Tax Deductions for Writers
February 3rd, 2017 → 8:48 pm @ Carol
great questions on tax deductions for writers
IRS study finds lots of businesses might really be hobbies
May 11th, 2016 → 6:41 pm @ Carol
Writers need to be conducting their business as a business to avoid an IRS audit, especially those with multi-year losses.
Let’s clear up this IRS rule about hobby profits and losses
March 6th, 2014 → 8:14 am @ Carol
I read this misinformation on an unnamed blog recently: To prove that your blog or any business is a legitimate business then you must make a profit 3 out of 5 years that you are in business. That’s a common misunderstanding of the IRS rules. What the IRS states is this: “An activity is presumed […]
Author helped by my comments on LinkedIn
February 28th, 2014 → 12:41 am @ Carol
An author who received help from Carol Topp, CPA on LinkedIn shares his review of Business Tips and Taxes for Writers
Years of losses from business can still be deducted
October 1st, 2013 → 8:07 pm @ Carol
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
An author wants to use Kickstarter to crowd fund his book. Is it taxable income to him or a gift?
