February 4, 2014

Tax Tips for Authors – 3rd Edition @emlynley #RLFblog #taxes

Tax Tips for Authors 
Bigger, longer, and more of what you really need. EM Lynley is back sharing 2014 tax tips for authors.

"If you make money from writing, you need this book!" – Neil Plakcy
Stymied by Schedule C? Not sure if you should take the new home-office deduction? Wondering just how many books you can deduct, how much of that trip to RT, or even whether your writing is a business or a hobby according to IRS rules?
The end of January means the 1099s are flying fast and furious from publishers and distributors. Whether this is your first year filing a tax return with writing income, or you've been doing it for years, chances are there's something you're just not sure about and don't know who to ask. You either guess and cross your fingers, or decide not to deduct it, just in case.
A few years ago I was in exactly the same boat. My first novel was published five years, almost to the day (Feb 1, 2009) and I chewed a few fingernails those first two years of filing my own returns. I didn't want to pay anyone to do it for me, so I actually enrolled in 90-hour Basic Tax Course at H&R Block so I would have all the answers to do it myself.
Now, from January to April I'm a tax preparer, and the rest of the year I write (fiction and financial articles). I decided to meld my two halves and write a book to help other writers get the answers you need to file your own taxes, or at least keep better records to make the task easier for your accountant or tax pro.
Despite the name, Tax Tips for Authors packs much more than tips to help you keep accurate records and your tax return. I have a full walkthrough on Schedule C, show you how to calculate estimated quarterly payments, let you know if you need to send 1099s to anyone else, and how to prove to the IRS you are running a business rather than a hobby.
If you self-publish, you have even more issues to think about. If you haven't gotten published yet, you may still have deductions coming to you.
The book is filled with examples of every type of deduction and various scenarios,
The 3d edition (January 2014) is only available from Amazon or my website. (Smashwords and ARE and not yet the most up-to-date version).

A print edition is coming in mid-February. Here are the topics I cover:
  • General Legal Issues
  • Hobby vs. Business
  • Recordkeeping Basics
  • Tackling the Schedule C
  • Deducting Expenses on Schedule C
  • Line-by-Line Walkthrough of Schedule C
  • Home-office Deduction
  • Self-employment Tax
  • Quarterly Estimated Tax
  • Self-published Authors
  • Unpublished Authors
  • FAQ


Ask a tax question and be entered to win a copy of Tax Tips for Authors. (Please do not mention any personal financial information).


Everyone here wins with a 10% off coupon for a future Tax Tips class. We'll cover everything in the book with extensive Q&A. Use coupon cone RLF10FEB to register at my website: http://bit.ly/eml-taxclass.
Stop by and like the Tax Tips for Authors page over on Facebook for more tips and information. https://facebook.com/taxtipsforauthors

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