Monday, April 15, 2013

Writers and Taxes

It’s the most dreaded day of the year…tax day. Have you filed your taxes yet? Still trying to get them in?

If you’re a writer, there are some great potential benefits to consider when filing your tax returns, and it can save you some money in the long run.  For instance, if you attend writers' conferences headed by non-profits you can list them on your tax returns and get credit for your registration fees. So long as you’re in the budding stages of writing and not making a profit, your taxes on writing should be nil. If, however, you are fortunate enough to start making money as an author you can declare yourself a corporation, which many bestseller authors eventually do to avoid paying steep taxes on their book sales. These are just a few of the many benefits writers can take advantage of when doing their taxes. But remember, the best part of all is that it costs nothing to blog!

So how do you incorporate your writing career into your taxes? Any good practices/techniques that you’ve discovered when declaring your writing expenses? Any strategies you plan to employ to save yourself some money next year?