I left last night’s author strategy group with this final instruction:
Please remember to keep all records of your expenses, mileage and every event where you attended for promotion, networking and education.
I cannot tell you that this is the #1 mistake many writers, bloggers and authors make: not treating their book and projects like a business. As a disclaimer, I advise you to seek counsel from a tax professional or accountant, but there are numerous tax write-offs for authors, bloggers and writers. (I covered this in my January 2019 Authors Academy where we brought in a tax professional to educate my writers’ group. Click here if you’d like access to the training.)
This isn’t about going from idea to physical book or platform, you are an actual business owner from day one. Fruition Publishing clients are instructed to do the following:
- Obtain an EIN (Employee Identification Number) under your name even if you’re not an LLC or Incorporated. It’s FREE from the IRS.
- Keep track of all associated expenses: ink, paper, business cards, meals, travel, training seminars/workshops/classes, books purchased, vendor fees, professionals hired/services (editors, publisher, ghostwriter, book cover designer, strategy sessions, etc.)
- Track your mileage driving to and from networking events and or speaking engagements to promote yourself, business, book, etc.
- Track cost (retail) for books donated (to private entities, charitable organizations and individuals)
- Consider creating an official business (LLC, Inc. and or non-profit organization) around your platform
Ignorance of the law is no excuse and being a professional writer and published author is a business. Business owners must invest in themselves but should not go broke to do it. One of the primary reasons businesses exist is for profit, which includes tax write-offs/deductions. Follow your passion but make sure you maximize your profits in the process.
We can help you with all the above. Contact Fruition Publishing Concierge Services today to make sure you are on the right track.