Jan 22, 2019 | #TaxAdviceforWriters, Tax Series - Expenses and Deductions, Writing Life
You know the framework for deductible expenses (Ordinary! Necessary! Reasonable in amount!) and you’ve got a handle on what to track for your writing business. Now we dive into the details: what exactly needs to be recorded and how.What to DocumentAll deductible...
Jan 22, 2019 | #TaxAdviceforWriters, Tax Series - Expenses and Deductions, Writing Life
Welcome back, tax pros! In Expenses, Part I, we looked at the framework for business deductions and some common categories of expense for writers. I know some of you might have been frustrated by the lack of a clear-cut list for all your deductible business expenses,...
Jan 22, 2019 | #TaxAdviceforWriters, Tax Series - Expenses and Deductions, Writing Life
So, you’re receiving payments and you’ve chosen your business’s tax structure. Now it’s time to start tracking and recording your expenses. The most basic accounting formula is:Revenue – Expenses = Net Income.The government taxes you on your net income, which means as...
