Some bad tax advice for writers floating around out there!
March 28th, 2013 → 8:09 am @ Carol
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.
Video blog: Will losses mean writing is a hobby?
March 18th, 2013 → 8:53 am @ Carol
If you show losses as a writer for 3 years in a row will the IRS classify you as a hobby writer?
Tax Tip for writers: Your tax preparer should be registered with the IRS (or maybe not!)
January 31st, 2013 → 8:25 am @ Carol
The IRS is now (make that was) requiring that everyone who prepares a tax return for a fee to register with the IRS.
How often should an author be paying income tax?
January 7th, 2013 → 1:05 pm @ Carol
To avoid an IRS penalty, writers and authors should make quarterly tax payments.
Using crowd funding to raise money for your book
September 27th, 2012 → 6:09 pm @ Carol
How does the IRS see income from crowd funding sources like Kickstarter?
Video Blog: IRS denies business expenses to author
July 10th, 2012 → 6:11 pm @ Carol
I discuss why a wanna-be author was not allowed $19,000 in travel expenses for his (un)published book on world -wide travel.
Who says you’re a professional writer?
January 30th, 2012 → 8:19 am @ Carol
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 […]
How picky is the home office deduction?
January 23rd, 2012 → 8:40 am @ Carol
This may seem like a really stupid question, but the exclusive use of space for a home office deduction, does that mean that the business owner can’t do any personal business in that space, like make personal phone calls, do personal things on the computer/internet, have personal files in the area, pay personal bills, etc? […]
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 […]
