Finances For Authors

Just a few quick notes of absolute necessities to know about the business of writing.
1. Keep receipts for travel expenses (per diem, taxis, hotels, flights, food, parking fees), agent fees, book costs, computer, phone costs, internet costs, website costs, entertainment costs, mileage, fees for conferences, mailing, reading fees
2. Remember to pay quarterly taxes
3. Get an accountant (preferably an entertainment accountant)
4. Live within your means (which means put away credit cards if you possibly can)
5. Don’t count your chickens before they hatch (this means never start spending an advance or other anticipated check until it arrives).
6. Get an agent
7. Incorporate (if you’re making 20k profit or more a year)
8. Keep a reserve/savings
9. Keep your health insurance up to date
10. Maintain membership in the appropriate professional organizations