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III
01-29-2008, 07:14 PM
I self-published three books this last year so I'm in the process of getting all my tax stuff together to write off the expenses as a small business. I'm just wondering how many of you do this and if you have any tips of what to include or more importantly what to avoid. Any advice is appreciated.

C.bronco
01-29-2008, 07:17 PM
I always use an accountant; it's worth it.
(Tax time? No wonder your avatar looks scruffy today.)

III
01-29-2008, 07:35 PM
I always use an accountant; it's worth it.
(Tax time? No wonder your avatar looks scruffy today.)

C'mon Cynthia. You know I don't go to the doctor. You know I don't ask directions regardless of how lost I am. You think I'm gonna go to an accountant when I can fumble around in TurboTax? What kind of a Cro-Magnon would I be then?

tombookpub
02-01-2008, 05:35 AM
Don't need an accountant whatsoever. Do read the "Tax Guide for Small Business" as a start. You'll also need to be familiar w/ forms 8829, Schedule C, and possilbly Form 5213. Happy deducting!

veinglory
02-01-2008, 05:47 AM
Do you have a lot of expenses? If not it might be better to declare royalties income without self-employed status.

III
02-01-2008, 06:34 PM
Expenses were about $1,500 for pubbing 3 books and of course there are the smaller related business write-offs, so we're probably only talking about $1,000 net loss which doesn't translate into big bucks as far as taxes. For me, it's basically at the tipping point between being worth the money vs. not worth the bother / not worth the increased possibility of an audit. I'm mostly wondering if others in my situation bother with the business expense side of it or if it's not worth the trouble.

Thanks for the responses so far!