I know nothing about income tax except it is one of those “have to” acts of life and is often used in the same sentence as “death.” How does an author know if tax is due the government? I guess if you have very little income from your writing (as is the case with most of us), April 15 has little significance; however, my husband and I have been having our yearly “discussion” (the word discussion is used rather lightly.) Since I was involved with the subject, I decided to do some research about taxes for authors. I found several fascinating web sites to share with our readers. I repeat, I know very little to nothing about taxes, but found the information quite interesting.
http://taxesforwriters.com/tax-deductions-for-writers In my googling, I found this post by Carol Topp,CPA who has also written a book entitled BUSINESS TIP TAXES FOR WRITERS. This website also gave several other links that were an education to me. She indicates that one of the first mistakes authors/writers make is to file their own return.
http://publishing.about.com/od/BookAuthorBasics/a/Tax-Deduction-Tips-For-Authors.htm gave several good tips on those items that are deductible, particularly author advertising expenses.
How do you handle your taxable issues as a writer? Perhaps this post is rather late for this year’s filing, but a quick reading and a reminder note for 2014 might help in next year’s discussion of your tax return.
May your income from writing in the coming year cause you to search for this information.