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.

Tax Advise for Writers

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?