April 15th is right around the corner. Are you ready? As writers, we not only have to ensure we create entertaining and interesting stories but we have to ensure we keep good records as well. This means keeping a log of all book sales and any other monies we collect for speaking engagements, ghost writing, etc. Without good record keeping, we will be scrambling with only a few days to go before we have to drop those federal and state tax forms in the mail.
Some of us think writing is a hobby. But when you start making money we have to start running it like a business. This means obtaining the necessary tax ID and sales usage forms. We have to track the mileage when we go to various events, keep receipts for parking and tolls. Whenever we buy supplies, postage, computers, etc. we are essentially writing off expenses and depreciating equipment. Sometimes we will end up owing taxes and sometimes we can look forward to a refund...I love when this happens!
Anyway, if you fell short in your record keeping for 2014, now is the perfect time to get your act together for the 2015 tax season. Well, I hope the Tax Man didn't put too bad of a hurting on you. Thankfully, I didn't get whipped that badly. So off I go to safely put my receipts away when he comes again next year.
Some of us think writing is a hobby. But when you start making money we have to start running it like a business. This means obtaining the necessary tax ID and sales usage forms. We have to track the mileage when we go to various events, keep receipts for parking and tolls. Whenever we buy supplies, postage, computers, etc. we are essentially writing off expenses and depreciating equipment. Sometimes we will end up owing taxes and sometimes we can look forward to a refund...I love when this happens!
Anyway, if you fell short in your record keeping for 2014, now is the perfect time to get your act together for the 2015 tax season. Well, I hope the Tax Man didn't put too bad of a hurting on you. Thankfully, I didn't get whipped that badly. So off I go to safely put my receipts away when he comes again next year.
Great piece, Dee! My fourth-quarter records were a bit spotty as I moved, and I am sure I had more deductions than those for which I had records. Won't happen again, and glad you didn't get whipped too badly!
ReplyDeleteHi, Melanie! Thanks for your comment. Sometimes we do have more deductions than we have records for. But like you said, it won't happen again :-) Wishing you continued success!
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