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.
Stephanie Hurt lives in Georgia with her husband Tommy and their son Hunter, along with two dogs, Daisy and Jake. When Stephanie is not lost in one of the worlds that she creates, she's an accountant and children's minister. She has been writing the stories that fill her mind since she was a teenager. The moment a story comes into her mind, she's mesmerized and soon she's diving into the story with a cup of hot green tea and a notebook. Before long, the story has bones and is ready for the laptop. She happily types away in the early morning and at night. You can always find her with a notebook full of stories that have yet to come to life. Follow her journey in each of her over 40 published works!
Stephanie Payne Hurt loves to hear from fans and hopes that she's helped them go to another world for at least a while!
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