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jmichaelfavreau
12-15-2014, 08:05 PM
Hello everyone,

So I self-published this year and I had to fill out tax ID info with Amazon and Createspace when I made accounts with them. Do I have to do anything with taxes? Will these sites send me tax stuff? I have made less than $200 this year (but per their policy they won't be depositing money until January or February of next year). Any and all advice would be helpful, I am lost with tax stuff!

Maryn
12-15-2014, 08:31 PM
Money you have not seen or been able to access is not 2014 income, is it? Seems like it's not. How can it be?

Maryn, not official but pretty logical

M. H. Lee
12-15-2014, 09:00 PM
Correct. So, it sounds like the OP just started self-pubbing and will receive first payments next year? Then nothing to report on your taxes this year.

I started self-pubbing last August and received a tax form from Amazon for money I earned in August, September, and October that they paid out in October, November, and December.

Money I earned in November and December will be on this year's form from them.

Now, just a little extra bit of advice for the OP: If you do start making some money from your self-publishing, you may need to pay quarterly estimated tax payments throughout the year. I don't have the exact rule here in front of me, but look into it. The IRS has some pretty straight-forward guidance documents you can read and a dedicated page for self-employed individuals.

Congrats! You are not only a published author, but a small business now.

RikWriter
12-15-2014, 09:06 PM
Sorry, but I found out the hard way that the money you made in the year is what you're taxed on, not just the money you received. You WILL be taxed on the income you made but have not yet received from Amazon.

Old Hack
12-15-2014, 09:27 PM
Please: don't ask questions like this on internet forums. You have no idea who is responding, or how experienced or knowledgeable they are. Speak to an accountant who is properly qualified.