April 15th is right around the corner and it is the time of year where we writers, and Authors cringe. Math, numbers, deductions,and the thought of the tax payout. I'm here with a little relied with tax deductions that will help. You must file a Schedule C and most importantly keep all your reciepts. I will say it again, KEEP YOUR RECIEPTS.
Side Hustle Alert
Always fill out a W-9 form or 1099. If your side hustle is consulting, writing blog post or graphic design, you should fill out a W-9form. This ensures your tax information is on file. Next, if they paid you more than $600 in a year, they're required to send you a 1099-MISC Form.
1. If you hired an editor, book cover designer or contracted a consultant and you pay them over $600 dollars you must hand them a 1099 form.
What can you Deduct?
1. Your Home Office or Work
Whether it is a small section of your bedroom or living room. If you write in it and do majority of your work at home. a percentage of your rent and mortgage is a deduction
Whether you buy an ad on Facebook, Twitter, GoodReads, A local newspaper or radio ad spot. It a tax deduction,.
3. Internet and Phone
If 70% of your business is done on the phone and you utlitilize your internet for research. Yep, you got it. It is an deduction.
4. Writer's Conferences
While traveling to meetings, writing assignments or research.
To conferences and event as well as book signings
7.Dues and Subscriptions
Professional memberships are a write off for Authors.
Whether it Paypal, Square, Amazon they all charge a fee. Drum roll! Yipee, it is a deduction.
Writing requires courses to be taken and you must take one. It's a Deduction baby!
10. Books and Movies
Watching a Movie yes can help a writer So your Netflix, fireStick, and Cable bill is a deduction for an author.
Major deduction baby when your entertaining, traveling on business, or just to woo a perspective client. Write off
Your domain and hosting is a write off.
Disclaimer: I am not accountant or tax expert. All the information given here is for informational purposes only—don’t rely on it for tax, legal, or accounting advice. You should always hire your own tax, legal, or accounting advisor for the best possible advice for your unique situation.