Posted in Authors, Monday blogs

A Taxing Task for Writers

Most people dread preparing their taxes each year. If you write professionally, even if it’s part-time, you should know that the IRS considers it a business and requires you to account for your income and expenses. I found out, the hard way, that records should be kept monthly to avoid the last-minute rush of trying to locate the information for filing. I’m including links to some articles on tips for writers on what they should claim on their taxes and also a list of what I claim on mine.

‘I see here you’re a professional writer. That explains the touch of whimsy in your return.’

Although as a new writer, my expenses far outweigh my income at this point, I still need to account for both. My income this year came from three library talks, an article I published in a magazine, an award I won in the Cat Writer’s Association contest last summer, and my royalties. Since publishers often pay royalties on a quarterly or monthly basis, the dates the amounts are deposited are later than when the author earned them.

One of the categories that I listed for expenses included my annual membership fee in writing organizations. I pay for all of them except International Thriller Writers because they offer free membership to authors who publish with a publisher on their approved publisher list. I’m lucky that my publisher, Solstice Publishing, is one of these publishers.

Other expenses included:

Book Tours

Prizes (gift cards as well as books)

Bookmarks/Business cards and other promotional material

Conference Fees (travel, hotel, registration, etc.)

Postage costs

Contest Entry fees

Subscriptions to writing Magazines

Books on writing and publishing

Copyright Fees

Ads

Miscellaneous costs (Book trailers, Editing, Teasers, etc).

Here are links to some articles about taxes that might be helpful to authors.

https://www.thebalance.com/taxes-and-the-book-author-2799907

https://janefriedman.com/author-taxes/

http://www.writersdigest.com/writing-articles/by-writing-goal/get-published-sell-my-work/tax-advice-for-writers

Writers, please also feel free to comment on any other expenses or income you have claimed that isn’t mentioned in this post.

Advertisements

Author:

I am a librarian at a public library and an author of the Cobble Cove mystery series and other novels, short stories, and articles. My books include "Cloudy Rainbow," "A Stone's Throw," "Between a Rock and a Hard Place," and "Written in Stone," (Solstice Publishing, April 2017). I have also completed a standalone psychological thriller, "Sea Scope" and a mystery, "Reason to Die," that I am seeking representation for with a literary agent. I am a member of International Thriller Writers, Sisters-in-Crime, Romance Writer's of America, and the Cat Writer's Association. I live on Long Island with my husband, daughter, and two cats.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s