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Tax tips for writers

With tax season approaching, I thought it would be a good opportunity to compile five posts from the archives containing tax saving strategies for writers. The first, LLC or S-Corporation? has also been one of our most popular posts, so it seems many are looking for advice as they begin to prepare for filing their taxes.

In the following five posts, Robert M. Pesce, a Partner at Marcum LLP, shares several strategies that writers can employ to save money on their business expenses:

LLC or S-Corporation?
If you’re thinking of expanding beyond a sole proprietor, you will want to consider two options: an LLC or an S-Corporation. This post explains the difference between the two and how to determine which is the right fit for you.

Taking the home office deduction
This post defines the home office deduction, how to figure it, and which expenses can be applied to it.

Learn how your agent is reporting your writing income
Is your agent reporting your income on a gross or net basis? Learn how the answer to this could potentially affect your tax return.

Understand foreign taxes, tax credit, and tax certification
If you have sold your textbooks in foreign markets and you don’t how know your agent reported that income, you could be leaving money on the table. Learn how claiming foreign tax credit could reduce your taxable income.

3 Simple steps to organizing your business expenses
Are you guilty of writing your business expenses, like mileage, on small scraps of paper and leaving them all over the house, or dropping your receipts in a box to be sorted through at tax time? Learn how to keep the business of your writing organized in three simple steps.

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