In his recent TAA webinar, “Taxes and Authors: What You Should Know”, Robert Pesce, partner at Marcum LLP shared some important information about the new tax law. He also offered advice on two key questions for tax-conscious authors: 1) What type of entity should you be? and 2) Are you keeping good records on your business deductions?
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:
While the simplest way for a small business, a writer, to report their income and related expenses is on Schedule C of their personal tax return as a sole proprietor, the two most popular entities for authors thinking about expanding beyond a sole proprietor are LLCs and S-Corporations.