The Marketing Department (Part 1)

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The Marketing Department When it comes to book marketing, writers usually have one of two possible reactions: Extreme Digust Extreme Exuberance Both can be equally bad. Extreme Disgust: Write, Publish, and Hope for the Best Writers who fall into the first category of Extreme Disgust just want to write, publish, and hope for the best. They […]

The Finance Department: Federal Income Taxes (Part 4)

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Federal Income Taxes: Standard Deductions vs. Itemized Deductions (AKA How Not to Commit Fraud) The Finance Department (Part 4) As you can see from the chart above, your book business falls under your personal income tax umbrella, but let’s break it down even further. Itemized vs. Standard Deductions When you file your personal income taxes, […]

The Finance Department: Federal Income Taxes (Part 3)

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Federal Income Taxes: Profit, Loss, and Write-offs The Finance Department (Part 3) If your book business earned $1,000 this year (aka profit or income) and you spent $1,000 on your business’s expenses (book creation, marketing, office supplies, etc.) (aka loss or expenses), how much do you owe in federal income taxes? $0. Why? Because your business […]

The Finance Department: Federal Income Taxes (Part 2)

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Federal Income Taxes: Schedule C and Quarterly Payments The Finance Department (Part 2) In the US Federal Income Tax system, there are two paths of taxation: personal and business. Most indie publishers operate as sole proprietorships, which fall under personal income taxes (not business or corporate as one might think). Essentially, indie publishers are self employed, […]

The Finance Department: Federal Income Taxes

Posted on Leave a commentPosted in Book Business, Business Basics for Authors, Publishing Fear Free

Federal Income Taxes The Finance Department Taxes are a fact of life. As an indie author, you need to take them seriously, but there’s no need to panic when tax time arrives. If even Einstein thought the income tax was difficult to understand, then obviously the US federal tax code—and the accompanying load of regulations—is […]