It’s Tax Time

tax time on calendar

 

 

I worked on taxes most of the day and evening while I listened to the rain and wished I was reading a good book instead. It will take a few more hours to get everything done.

Brian Klems at Writers Digest wrote an article regarding writers paying taxes. He states, “If you’re a writer and are earning money from your writing (or trying to earn money from it), you can deduct most materials related to your writing venture. This includes pens, paper, printing costs, postage, and other writing supplies.”

Klems suggest you keep receipts for writing-related travel costs, conference admissions, writing group or association fees. “Research materials are deductible too as are a new computer or printer, though you may have to amortize the equipment deduction over a couple of years.

…”if you claim your writing as a business, the IRS expects you to start making money after a couple of years. So if you’re making minimal money, for tax purposes you may only be able to claim your work as a hobby, which would allow you to deduct expenses only up to the amount of income you’ve made from writing.”

When in doubt, consult a professional tax preparer.  Good luck.     tax question mark and little rubber man

 

 

 

 

 

 

 

 

Julaina Kleist-Corwin

Editor of Written Across the Genres

Author of Hada’s Fog

Posts created 283

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