tag:blogger.com,1999:blog-4263988256560129564.post5640160600415829444..comments2023-10-30T08:00:54.059-04:00Comments on Laurel's Leaves: Are you prepared?Laurel Garverhttp://www.blogger.com/profile/03657218435228802535noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-4263988256560129564.post-57649566116814817752011-03-20T20:57:33.131-04:002011-03-20T20:57:33.131-04:00Thanks for posting this, great advice. I'm gui...Thanks for posting this, great advice. I'm guilty of not keeping good track of receipts and stuff but that has to change as my book might get published this year...I've read about this before but thanks for the reminder!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-67684262262792818092011-03-20T19:41:15.813-04:002011-03-20T19:41:15.813-04:00Laurel,
This is great advice that each and every a...Laurel,<br />This is great advice that each and every author should read and take advantage of. Too frequently tax and financial items are not through of in advance and then when tax time comes they rise up and surprise unsuspecting authors.<br />Sincerely,<br />E. Hoffmeister, Rhemalda PublishingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-21838454172268746662011-03-16T19:03:58.480-04:002011-03-16T19:03:58.480-04:00Great advise Laurel. I've had a Writing Expens...Great advise Laurel. I've had a Writing Expense file in my tax box for awhile and hope to one day be able to claim the receipts I've piled into that folder! Even if not published, writers can act like they are to be ready for all that occurs when they are.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-82181365904236865092011-03-16T18:07:32.790-04:002011-03-16T18:07:32.790-04:00What a fantastic post, Laurel. You have taken away...What a fantastic post, Laurel. You have taken away a multitude of worries. You ROCK!Robyn Campbellhttps://www.blogger.com/profile/17356555082768185840noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-90394056648505714522011-03-16T10:18:51.529-04:002011-03-16T10:18:51.529-04:00Jemi: Sorry I have no clue whatsoever what your ta...Jemi: Sorry I have no clue whatsoever what your taxation laws are like. I hope they are less complicated than ours! <br /><br />Donna: I STRONGLY recommend that you tuck away all writing-related receipts in one spot just in case you do sell a story sometime this year. You will seriously thank me for it if you do have to deal with 1099-MISC income when you file 2011 taxes. Those few dollars of expenses can reduce the "income" to the point that it is a "loss" and make your overall tax bill lower! A little preparation saves a lot of headache.Laurel Garverhttps://www.blogger.com/profile/03657218435228802535noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-49509093117053028322011-03-16T03:36:47.087-04:002011-03-16T03:36:47.087-04:00haha; my one and only publication for the year at ...haha; my one and only publication for the year at http://www.bewilderingstories.com/ is in a free e-zine and didn't even charge me a reading fee. (The story debuts on 3/28)<br /><br />I did buy a new printer though :) But I think my writing expenses are small enough the schedule C would acutally laugh at me.<br /><br />Some day maybe I'll have to keep track, and when I do, I'll refer back to this post.<br /><br />......dholedolorahhttps://www.blogger.com/profile/08715849844092553699noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-34419834470157266322011-03-15T20:20:57.307-04:002011-03-15T20:20:57.307-04:00I'm nowhere close to that stage - and I have t...I'm nowhere close to that stage - and I have to admit it terrifies me more than a little! Our tax laws are likely different in Canada, but I'll have to look into it someday ... at least I hope I'll have to look into it!Jemi Fraserhttps://www.blogger.com/profile/02214408467456320167noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-55982481709211425532011-03-15T17:15:05.346-04:002011-03-15T17:15:05.346-04:00Jade: if you think there's any chance at all y...Jade: if you think there's any chance at all you'll submit any short pieces to paying markets, be sure to track your expenses all year.<br /><br />Stephanie: Hmm...that's a tough question. I'd ask a tax professional. It's possible you can write of a portion of the travel. You must, however, have some writing income in the same tax year. Have you considered querying some kids' magazines (like Faces, Calliope, Dig) or a travel magazine with story ideas about Turkey? I bet you could line up a paying assignment, in which case some expenses would definitely be deductible.Laurel Garverhttps://www.blogger.com/profile/03657218435228802535noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-91965775810828679442011-03-15T17:07:33.112-04:002011-03-15T17:07:33.112-04:00Susan: It is getting a bit down to the wire. You m...Susan: It is getting a bit down to the wire. You might have to settle for one of the tax prep chains. Good luck!<br /><br />Saumya: If it weren't for TurboTax, I don't know that I'd still be doing taxes myself. But honestly, it's the paper gathering and organizing that's the biggest pain, and no accountant will do that for you.<br /><br />Jamie: Glad it was helpful.Laurel Garverhttps://www.blogger.com/profile/03657218435228802535noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-20888248598409936332011-03-15T16:52:44.490-04:002011-03-15T16:52:44.490-04:00Carol: Indeed, getting published means becoming se...Carol: Indeed, getting published means becoming self-employed in the most grown up sense of the term. Many writers have the idea that an agent will somehow do this all detailed record keeping for them. As far as I know, what they handle is some of the income side of things--you have to monitor most of your own expenses. <br /><br />Leigh: If I hadn't worked in my mom's tax business all through high school and an additional 7 years on a CPA magazine, I think I would have hired someone this year. TurboTax made the process pretty do-able with my level of understanding of tax code. I suspect that if I were to get a book deal, however, I'd soon be out of my depth.Laurel Garverhttps://www.blogger.com/profile/03657218435228802535noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-13769538097305677312011-03-15T15:39:35.343-04:002011-03-15T15:39:35.343-04:00We're planning a trip to Turkey this summer an...We're planning a trip to Turkey this summer and it's honestly just to research my current WIP. I told my husband we might be able to write it off, but I'm not 100% sure since my occupation is a teacher, not a writer.Stephanie Thorntonhttps://www.blogger.com/profile/17437077559099315853noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-88338271141268213782011-03-15T15:10:29.879-04:002011-03-15T15:10:29.879-04:00Thank you for this very helpful & informative ...Thank you for this very helpful & informative post! I've bookmarked this page for the future.<br />:)nonehttps://www.blogger.com/profile/13025913472730278205noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-14927032075742873202011-03-15T14:30:13.483-04:002011-03-15T14:30:13.483-04:00Thank you, Laurel! I'll keep this in mind for ...Thank you, Laurel! I'll keep this in mind for the future. Good to know...:)Lunahttps://www.blogger.com/profile/08284738955789123035noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-55635118111015525682011-03-15T14:20:13.574-04:002011-03-15T14:20:13.574-04:00Great post! And congrats to your husband. I don...Great post! And congrats to your husband. I don't do my taxes but they sound like a big headache.Saumyahttps://www.blogger.com/profile/08517289532769906489noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-79666101698068494002011-03-15T13:11:24.715-04:002011-03-15T13:11:24.715-04:00Thanks for the reminder! I think I may have to get...Thanks for the reminder! I think I may have to get a tax professional for the first time in a long time - and I've probably already waited until too late. Ugh!Susan Kaye Quinnhttps://www.blogger.com/profile/07348197999397141067noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-28456451811089374252011-03-15T12:52:36.678-04:002011-03-15T12:52:36.678-04:00I am--and thanks for the reminder about advertisin...I am--and thanks for the reminder about advertising expenses... I will confide. I've been a freelance writer for many years and finally broke down and started using a CPA for our taxes. Totally worth it~ :o) <3LTMhttps://www.blogger.com/profile/05239077455322030275noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-66086612790592799112011-03-15T12:52:01.172-04:002011-03-15T12:52:01.172-04:00This is a really great roundup of tax info, Laurel...This is a really great roundup of tax info, Laurel. It's also a bit of a reality check. I think a lot of people go into writing as a hobby or a fluke, not realizing that if you intend to make money, it's not like getting paid for babysitting--you will need to pay taxes and fill out tax forms. But the good news is that you can also claim some deductions from your expenses. Yay!Carolina M. Valdez Schneiderhttps://www.blogger.com/profile/11589934533051907801noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-48696193719508800412011-03-15T12:02:41.967-04:002011-03-15T12:02:41.967-04:00Laura: thanks so much for the retweet! I hope othe...Laura: thanks so much for the retweet! I hope others can benefit from what I've learned. Had we kept more records, we could have deducted even more from my hubby's writing income than we did. I suspect a lot of struggling writers are not getting any tax advantages from all they spend trying to get published. All it takes is selling one piece to begin taking deductions.Laurel Garverhttps://www.blogger.com/profile/03657218435228802535noreply@blogger.comtag:blogger.com,1999:blog-4263988256560129564.post-84285502043348368752011-03-15T11:31:38.394-04:002011-03-15T11:31:38.394-04:00Great post for writers just getting an agent, or a...Great post for writers just getting an agent, or about to self publish or sell short stories. Always better to keep track.Laura Paulinghttps://www.blogger.com/profile/06503090226508079501noreply@blogger.com