Death and Taxes!

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Death and Taxes!

Post by Mercedes on Wed Jan 14, 2009 4:39 pm

Okay, just taxes.

I was at a critique group last night, and the owner of the cafe told me to save my receipts. He said to save receipts for everything (printer ink, printer paper, postage, my laptop) and write it off at the end of the year for business expenses. So...uh, does anybody else do that? And how much writing money do you have to actually make in order for it to be valid? I don't want to be dishonest, but writing IS my business, even if it's just getting off the ground. Any help?

I hate finances. Let's all go back to the barter system.

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Re: Death and Taxes!

Post by Kenwood on Wed Jan 14, 2009 5:06 pm

I have never done that sort of tax filing. I should. I probably will soon, because Shock Totem is going to be my tax responsibility. I hope we sell a lot of copies, but damn that's going to suck on taxes. Haha.

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Re: Death and Taxes!

Post by Mercedes on Wed Jan 14, 2009 8:35 pm

Can't you write off the startup money for ST?

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Re: Death and Taxes!

Post by Kenwood on Wed Jan 14, 2009 9:29 pm

Mercedes wrote:Can't you write off the startup money for ST?
Maybe. I'll have to look into it. I also need to look into the GI Bill, because I have like $20,000 in it and someone told me you can get approval to use that for starting a small business. That would be sweet.

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Re: Death and Taxes!

Post by Mercedes on Wed Jan 14, 2009 10:29 pm

Rock on!!!

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Re: Death and Taxes!

Post by Tall Tyrion on Thu Jan 15, 2009 1:02 am

You absolutely CAN take things like that off, but I think you need a significant income from your writing to quality for it. In other words, if you did not actually earn a lot on your writing then you have no tax burden to deduct from. A good aggressive accountant should be consulted though. PLEASE don't make tax decisions on my say so. Make sure it is an accountat who wantsa to work your you and not the governmnt, though.

ST might be a different story, because with significant costs, you could gain a tax advantage.

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Re: Death and Taxes!

Post by Mercedes on Thu Jan 15, 2009 2:17 am

We have a family accountant who does that sort of thing, so maybe I'll ask. I suppose it's a good habit to get in to, though. Because one day I'll be rolling in the writing dough. Just rolling in it.

Like Ann Margaret in the baked beans.

...wait, what?

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Re: Death and Taxes!

Post by Tall Tyrion on Thu Jan 15, 2009 2:21 am

I don't even want to know. Evil or Very Mad

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Re: Death and Taxes!

Post by Mercedes on Thu Jan 15, 2009 2:26 am

Don't tell me that you never saw Tommy!

Maybe life really DID pass you by. Suspect

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Re: Death and Taxes!

Post by kurtnewton on Thu Jan 15, 2009 2:35 am

Mercedes -- you might be 30 but you have the pop culture acumen of a 40 year-old!

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Re: Death and Taxes!

Post by Tall Tyrion on Thu Jan 15, 2009 2:45 am

Tommy? scratch

The Who? scratch

Boring.....

Shave your eyebrows and get back to me.

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Re: Death and Taxes!

Post by Mercedes on Thu Jan 15, 2009 3:28 am

Mercedes -- you might be 30 but you have the pop culture acumen of a 40 year-old!

Kurt, don't force me to make old man jokes at your expense. You know that I will.

Shave your eyebrows and get back to me.

I did my head once. Does that count? Of course it does.

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Re: Death and Taxes!

Post by Mercedes on Fri Apr 06, 2012 2:58 pm

Bump.

So it's three years later and I haven't made any steps toward this. But I am saving my receipts now so I can turn everything in next year. I think it's time to start taking myself and writing more seriously. Anybody else?

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Re: Death and Taxes!

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