Tuesday, April 12, 2011

Tax time is almost over - or is it!

Okay - we normally expect to have only until April 15th to file our taxes but this year we have until the 18th due to Emancipation Day - a holiday observed in DC - falling on Friday the 15th. Holidays empact tax filing deadlines and this one is no different.

But as writers our tax concerns and responsibilities do not necessarily end with the filing of our tax returns (federal, state and local in some cases) for the previous year.

Depending on income from your writing, whether or not you have a day job that provides a W-2, or if you are single and writing is your only source of income, you may or may not have to pay estimated tax payments. And, don't forget the IRS rules on record keeping.

I found this article yesterday that I want to share with everyone. You'll see why after you've read it.

Proclaimed to be the most tax-efficient man in America I found this coverage of Doug Stives - a CPA from Red Bank, N.J. - to be right on target concerning how one should conduct oneself as a small business, which is the category for most writers, especially fiction writers.

So, read it and hopefully it will inspire you to take care of your writing business throughout the year and not just as an after thought when you realize that tax season is almost over.

Here's the link:

http://custom.yahoo.com/taxes/article-112485-2306a83f-c6fe-3fe5-af62-1d7e48c47870-most-tax-efficient-man-wsj

2 comments:

Kay Theodoratus said...

Good info.

Schedule C losses can be ego-wounding, though. I have all the costs of setting up a website (2010) in anticipation of a novella coming out this year.

Deb Larson said...

Thanks for sharing this info, Terri.
DL Larson