Ok, so I am NO where close to being as close to publised as Jody, but I do have a question for some of you who are seriously pursuing writing as a career. When can you consider "writing" as a business? If I decide today that I am going to become a published author and I start working towards that goal, then can I start claiming business expense on my taxes?
I mean, honestly, think of all the books we buy to read. Are they enjoyable? YES! BUT they are also a very important part of our research and education! What about the computer you type your ms on? Is it recreation, or part of your "business"? What about the ink/toner it takes to print a gazillion copies of drafts before you get it "perfect"? Isn't that a business expense? Hmmm....there's also the paper you print on, the envelopes you mail in, the internet provider that keeps you linked, and the vacations, I mean business trips, you take to learn more about a particular setting.
When does writing become a "business"? Do you have to sell a ms first or do you just have to decide?
Cat
Let us run with ENDURANCE the race that is set before us; looking only unto Jesus the author and finisher of our faith. Hebrews 12:1a-2b
LOL, Cat!
I'm not there yet either! But oddly enough, I was talking to my DH tonight about writing and taxes etc. Claiming stuff? I dunno.
And ROTFLMBO: the vacations, I mean business trips
JodieG
Prepublished and workin' to change that!
A winner of the Big Finish 2 Contest, March 2008!
I have no idea but...
With home businesses in most states you have to have a PROFIT of $1500 to file taxes for that business. Would writing fall under this type of business? It would be nice to write off RWA and local chapter dues. When I had a design/decorating home business I could even write off my internet and cable bill as both were used for keeping up with decorating trends. Maybe you could even write off postage when mailing an ms or entering a contest.
"I can fix a bad page, but I can't fix a blank one." Nora Roberts
www.angelinabarbin.blogspot.com
Keep in mind I'm no expert...
Your RWA Chapter and the RWA site may have more info, but I do think you have to be selling to expense items, however, I also think you can keep track of those expenses for a certain number of years, and when you sell, you can expense items for a certain number of years back, since the IRS knows it often takes several years of investment to get a small business off the ground -- I don't know details, but it's probably worth it for you to look into it, and keep track of your expenses anyway. The best thing to do is hire a CPA to do your taxes (it's not that expensive -- ours costs only $200/year), and they should be able to advise you.
Sam
2008 RITA FINALIST: Untouched
NO RESERVATIONS, Blaze Anthology, July '08
Blog with Sam and friends at Love Is An Exploding Cigar
Guest Blog:May 15, Cynthia Eden
Your Writing
Hi, Cat. I read your review of TEXAN FOR THE HOLIDAYS and was very touched by your comments. I'm so glad you enjoyed the book! I had fun writing Scarlet, who is such a different character. Also, I worried quite a bit about the hero and heroine not getting together immediately, but my editor didn't mind and I think it was important to put Scarlet in the context of the salon/Brody's Crossing. (I just love that town!)
I wanted to tell you that I have a handout from a workshop I've given at many writer's groups and at the RWA national conference. It's called "Analyzing a Favorite Book ... and Your Own" and it's designed for people like you who want to read and then discover how the author made the book special for you. If you would like a copy, please contact me through my website and I'll be glad to send it to you via an attachment. Thanks again, and I hope you like the new book, An Honorable Texan. It's about Cal Crawford, Troy's brother who was in the military and returns to discover he has a son. it will be out in June. Best wishes. Victoria
Continually amazed by the
Continually amazed by the support and friendship that I've found here in such a short amount of time.
Yet again proof that "all we need is love"!
Cat
Let us run with ENDURANCE the race that is set before us; looking only unto Jesus the author and finisher of our faith. Hebrews 12:1a-2b