Today, the ongoing Wednesday series on managing the legal side of your writing career takes a look at an important tax issues many authors struggle with: keeping track of deductions. First, a disclaimer: this post is not, and should not be construed as, legal or tax advice. Consult an accountant or licensed attorney for assistance with your personal tax issues, including (but not limited to) legally permitted tax deductions. Today’s post isn’t about what you can deduct – that varies based on your personal situation, writing income* and other factors. Instead, we’re looking at some ways to document potentially deductible expenses, to ensure
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Income Tax Basics for Authors
Today’s installment of “Managing the Business Side of Your Writing Career” takes a look at another business-related topic: income taxes. Most authors hope to become full-time writers, supported entirely by income from sales of their works. However, many authors continue to work a “day job” in addition to writing, at least during the early years of their careers. Once an author begins receiving income from his or her writing, however, the author needs to be aware of special tax issues this income creates. For those who already work as independent contractors, these issues should be familiar. However, authors whose previous work experience
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