This weeks topic, The Business of Being a Writer, was inspired by questions from Satin at our Plum Island Coffee Roasters Sunday Writer’s meeting. She asked about what type of taxes writes pay and general questions about being a sole proprietor. Sounds like a good Wednesday Woo topic, thanks Satin!
This is a basic overview of being a sole proprietor. It explains self-employment taxes, the rules regarding whether your writing is a professional pursuit or merely a hobby. Also, what types of information to keep track of, expenses, and deductions.
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I hope someday one of us is in the position to consider if they need to establish a LLC or S-Corporation.
Well, that should get started thinking about whether or not you are a professional writer or a hobbiest. I’ll remind you that neither is a question of quality regarding your writing, but of time and expense according to the tax code.