This is a step away from my normal writing post, or is it? Well, this is a twofold post. As you may have figured this out, we only have three days left in 2014. Of course if you’ve been off work for the holidays you might not realize what day it is. Anyhow, this is a reminder post of sorts. I want to remind you of some tax deductions that might need to made in the next three days.
If you’re a published author then you’ll need to claim those wonderful royalties you hopefully received during the year. That means that you have income to claim and need deductions to help ward off a nasty tax bill. Since I’m an accountant as well as published author I’m here to help. So here’s a couple of last minute tax helps to get you on the right track…
1: Go through and add up your royalties to make certain of your income. Why is this important? Well, even a couple hundred extra dollars can put you in another tax bracket and that means extra taxes. SO make sure you know what you’re looking at.
2: After you’ve figured out your income level, then go through all those receipts to make sure you grab every expense. Even those notebooks you make notes in are writing expenses. Make sure you start 2015 off right by putting these in a folder marked ‘Writing Expenses’ and then next December you’re writing not searching.
3: Maybe you did really well on royalties this year, I’m hoping you did, but that means taxes. So, if you need a big item to help with taxes this is the time to splurge. It’s actually a good time to do this with all the end of year sales. You could purchase a new writing program, laptop, printer, dragon speak type of program, or any type of electronic/program that you use for writing.
4: Don’t forget last minute advertising. This could be a good time to get your name out to all of those new e-reader owners and get a tax deduction in the process.
5: Stock up on notebooks, pencils, pens, paper and any writing supplies that may be needed in 2015. It’s a mini shopping spree in the making.
I’ve mentioned only five things to help, but you get the picture. It’s important to your wallet to be tax savvy and get the best bang for your tax buck. So many authors don’t think about the little things, but you now have three days to think about it.
If you have questions, just message me and I’ll help.
As always, good writing and May God Bless You…