Author Tax Hacks: Deduct Expenses Without Breaking the Law

American Taxes, pay too little and you go to jail. Pay too much and you lose the money you need to reach more readers with advertising and promotion. If your records feel like a mess of Amazon deposits, Ingram payments, Kickstarter funds, affiliate income, coaching fees and dozens of random expenses you’re not alone.

In this week’s episode, you’ll hear from Seth Norris, a CPA who works specifically with authors, about how to handle bookkeeping and taxes with confidence.

You’ll learn:
-A simple bookkeeping rhythm that prevents tax-time chaos.
-How the IRS decides if your writing is a business or a hobby.
-The most common mistake that costs authors the most money.

Discover how to simplify your approach and how to avoid paying more taxes than you actually owe. If you want to keep more money for advertising, marketing, or feeding your family, stop treating taxes like a deadline of doom. Instead, listen in or read the blog version.

Times:
0:00 - Introduction: Taxes for Authors
1:37 - Bookkeeping Software Options (QuickBooks vs Xero)
3:36 - Importance of Separate Business Bank Account
7:29 - Piercing the Corporate Veil
10:21 - Business Plans & Amazon Example
16:17 - Approaching Writing Like a Business
24:20 - Ordinary, Necessary & Reasonable Expenses
28:59 - Documentation is Key
37:00 - Travel Deductions for Authors
50:25 - Biggest Mistake: Royalty Income vs Business Income
54:43 - Not Tracking Expenses (Leaving Money on the Table)
55:10 - How to Work with Seth Norris

BLOG VERSION: https://www.authormedia.com/how-autho...

PATRON TOOLBOX: https://www.authormedia.com/patron-to...

PATREON:   / novelmarketing