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message 1: by M.D. (new)

M.D. Birmingham (mdbirmingham) | 8 comments There's always lots of talk of making money but little to no talk about the taxation process?

What is the best way to set up taxes as one that has an indie book and receives money via royalty only? (royalty that is paid quarterly)

What is the "typical" percentage that is to be witheld from your royalty amount?

Do you file as an individual or LLC?

I'm throwing this out there to gain a better understanding to the process, thanks.

“Work smart, so when you work hard, it’s not in vain!”
M.D. Birmingham

message 2: by J. (new)

J. Guevara (jguevara) | 64 comments If you're a USA cit and live overseas taxes are no problem unless you make over 80K, a problem I would welcome dearly.

If you provide a ss# and/or a W2, they shouldn't hold anything from your royalties. they're not tax collectors; your tax is none of their bizzness. If they do hold and don't submit, though, the IRS will come knocking on YOUR door.

if not a cit and no tax ID (a real pain in the ass to get) usually 30% gets held. If your in a country that likes the USA(N Koreans need not apply), which means they allow the IRS to go into their bank accounts in return for all the foreign aid they get, and you bothered with that tax ID, you can get it down to 15%.
Basically, it's organized crime on an international scale. Makes the Mafia look like mere playground bullies. But what can you do; if you don't pay, they got predictor drones.

"The difference between a taxidermist and a tax collector? The taxidermist leaves the skin." Mark Twain

message 3: by M.D. (new)

M.D. Birmingham (mdbirmingham) | 8 comments Thank you for the informative response and laughs due to a sared feeling regarding your analogy,
Greatly appreciated.

“Work smart, so when you work hard, it’s not in vain!”
M.D. Birmingham

message 4: by Maria (new)

Maria (meromana) | 3 comments Thanks for that Mark Twain quote--I love it!


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