I know how gratifying it is when you start earning those royalties. You get all excited and look forward to checking your sites daily to see how much you’ve earned. Well their is something else to keep in mind.
As most of you know, I’m also an accountant and in the middle of the start of tax season. I’m reminded how easy it is to forget to claim those royalty payments. You may be groaning and going ‘why did you have to remind me’. Well as your friend I feel it’s my duty to nudge you just a little. It’ll save you lots of penalties and interest later.
But along with this don’t forget the expenses you’ve incurred over the year. They range from advertising, posting fees, software purchased to publish you work, yearly fees for your website, website set up fees, office supplies, and the list goes on. If you purchased a new computer this year to use to write you can claim it up to the percentage you use it for writing. Don’t forget those miles used to go promote your book.
Hope this helps some. If any of you have a tax question regarding your writing, just let me know. I’d be glad to help.
As always, good writing and May God Bless You…