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.
Kristen Lamb is one of my favorite writer resources. She is a social media expert who can help you build your brand and platform. A visionary community builder, she has many post that will serve you well as professional writer. Explore her site, but in particular these posts…
Death and Taxes: A Writer’s Guide to Keeping More of What You Make
Authors of the Digital Age-What it Takes to Be a Real Author CEO
Warrior Writer-Formula for Disaster Meets the Recipe for Success (part I)
I hope someday one of us is in the position to consider if they need to establish a LLC or S-Corporation.
Tax Tips for Authors: LLC or S-Corporation
Should Authors and Illustrators Form and LLC (And Other Business Questions)?
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.
Questions?
Great links, Lynne! Thank you for the resources. Can’t wait for this all to apply to my situation.
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