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How to fill out your taxes as a Self-pub author
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I have often wondered about this. Are you considered a home based business or what? also I have always wondered as writers can we write off expenses like marketing ads and book cover design costs....
Cambria wrote: "I have often wondered about this. Are you considered a home based business or what? also I have always wondered as writers can we write off expenses like marketing ads and book cover design costs...."Hi Cambria,
Yes you can write off anything that has to do with your business, it goes over a bunch at the end of the article but you can definitely write off your marketing expense and book covers. I write off the stock photos I buy for my covers. You can also write off any person you pay to do any work for you. I write off my editor.
Editio is a web site by a entrepreneur who saw a need in the market for a large web site that brought experts together in the field of self-publishing, in order to help others. He is working on getting writers from all aspects of the industry. I write editorials from the perspective of the self-published author. I hope the article helps you, it totally helped me.
Wow, this was a great idea that he had. I will definitely check this stuff out. and I am so glad to know that you can write all this off, I didn't know that. :) Technically, I am not a self published author, as I have a publisher but they are small and i am doing a bit of marketing for myself and I paid for my cover so i could get what I wanted. :)thanks for sharing all this great info!
If anyone is NOT American (like me) go to this post:http://judycroome.blogspot.com/2011/0...
I have requested an ITIN, but the first request has been turned down on a technicality. Still waiting for the IRS with my second request...
Great link, thank you! I never thought about deducting advertising.
This is an AWESOME link!Authors esp indies tend to go through some serious cash when marketing and such and it's great to know they can get some of it back!
What if you don't itemize your deductions (I don't own a house)? Can you still get it back? I guess I should read the article...
Brett, you can itemize whether you own any real property, have assets or just get a paycheck for a minimum wage job. You can and should itemize if you have ANY self-employment income--which writing income is.Cambria, et al., not only can you deduct advertising costs and marketing (printing, etc.) but also any of the "capital investments" you make if the equipment is used 80% or more for work (writing) related purposes (and if you get online to do advertising, marketing, promo, networking and writing research, even your net connection is deductible!)
Author Mike Hicks, who is an indie and has already made over $150,000 this year, mostly from the months of Feb or Mar (when he was making $1k/mo) until August(when he started making upwards of $1k/day), has some great blogs and an even better "book" out there.
I was a little disappointed in his book because it's all stuff I not only already knew but was already doing, albeit manually (as in I did by hand what he had a program do for him en masse automatically). However, I have an extensive background in business and already ran my own business for 5 years in the 90s so I learned all the hard lessons back then. I would highly recommend his Roadmap book (Kindle only I think) to anyone who's new to the whole idea of making money off your writing--even if you have a publisher, this is YOUR income and career! What a publisher pays you is still your self-employment income!
Mike's site is http://authormichaelhicks.com/
Like me and my Webbiegrrl blog, Mike has promised himself and others than he wants to be available to newbies as a resource and he's a super nice guy. We get along great and seem to have a lot in common so if you like my helpful tips, you'll enjoy his, too. He's even more snarky at times, though (forewarning)
Follow him on Twitter, etc. and he'll answer your questions though it might take a minute. He's got a huge number of followers and doesn't always stay on Twitter due to the noise now that his follow list is so huge.
-sry
Sarah wrote: "Brett, you can itemize whether you own any real property, have assets or just get a paycheck for a minimum wage job. You can and should itemize if you have ANY self-employment income--which writing..."Thanks Sarah for keeping us informed!!!
You're welcome, Jenn :) I have to add, ironically, after I posted this Mike had a bout of being a bit full of himself but usually he's nice. Always with new contacts/strangers, which may or may not be a good thing. I like to be the same with everyone--and you gotta love me or leave me *haha
Sarah wrote: "You're welcome, Jenn :) I have to add, ironically, after I posted this Mike had a bout of being a bit full of himself but usually he's nice. Always with new contacts/strangers, which may or may not..."Lol. I admit to being censored on here and a little on my blog but in real time, I'm pretty blunt and the most NON PC person you'll meet.
Jenn aka Texas Long Hair wrote: "Lol. I admit to being censored on here and a little on my blog but in real time, I'm pretty blunt and the most NON PC person you'll meet. "Oh I dunno, Jenn, you're nowhere near as blunt/direct as I nor are you all that NON-PC ...but that's just my opinion, YMMV with others. Mike is usually PC but when he gets the testosterone-charged covnersations going, it's a bit much and then he becomes full of himself in other/separate conversations. it's an attitude that's hard to shake, I guess. And who says men don't have moods? *haha*
Sarah wrote: "Jenn aka Texas Long Hair wrote: "Lol. I admit to being censored on here and a little on my blog but in real time, I'm pretty blunt and the most NON PC person you'll meet. "Oh I dunno, Jenn, you'r..."
Lol! Men DO have a version of PMS!
...and our PMS is TOTALLY random. Throw those calendars out.Splitter
(PS....you can all bite me!)
:)
C.S. Splitter wrote: "...and our PMS is TOTALLY random. Throw those calendars out.Splitter
(PS....you can all bite me!)
:)"Knew I could count on you!
this is a good thread. It informs us all about men PMS and how i am supposed to deal with my taxes. I plan to try to claim everything!! But thats H&R block's problem they are going to figure that out for me. ;) lol.
C.S. Splitter wrote: "...and our PMS is TOTALLY random. Throw those calendars out.Totally correct. A man's "cycle" can vary from 2 weeks to 6 weeks. Totally impossible to track--I've tried!! Yeah, leave it to the webbiegrrl, techie control freak who has to analyze the universe, to try to track a man's cycle *LOL*
(PS....you can all bite me!)
:)"
Okay, mark the calenders ladies. Splitter is ON his cycle this week ;-)
Sarah wrote: "C.S. Splitter wrote: "...and our PMS is TOTALLY random. Throw those calendars out.Totally correct. A man's "cycle" can vary from 2 weeks to 6 weeks. Totally impossible to track--I've tried!! Yea..."
So is he like a ground hog? 5 more weeks of splitterms?
I have not yet begun to gripe. Splitter
C.S. Splitter wrote: "I have not yet begun to gripe. Splitter"
Well I'm going to be on my blog tonight.
I'm steaming!
Ohhh, sounds....hot.:)
(We need emoticons on GR....I need that little guy rolling around laughing and slapping the ground)
Splitter
C.S. Splitter wrote: "Ohhh, sounds....hot.:)
(We need emoticons on GR....I need that little guy rolling around laughing and slapping the ground)Splitter"Right!?!?! AND IM!
I am actually not going to blog tonight.
I vented to a friend about it and will blog about it later.
I am writing up reviews, interview questions and proof reading.....
http://editioselfpublishing.com/us-ta...