Excellent tips and wrinkles to tame your less exciting ‘books’! No matter how hobbyist you are with your writing world, it’s always wise to be meticulous when ‘the Taxman cometh…’ 😦
Hey, SE gang, Mae here with a reminder that tax time is looming. Ugh!
A battle struggling writers often face is whether or not the IRS considers their efforts a business or hobby. Very few of us make bucketfuls of money as writers. For most, expenses outweigh profits during the first few years. That sad reality aside, you need to report those expenses if you’re trying to establish a business. I’m by no means an expert, but here are a few things you can do to keep Uncle Sam from viewing your enterprise as a hobby:
Detailed Record Keeping
This may seem obvious, but the more detailed records you can produce (in the event of a dreaded audit) the more favorable the outcome is likely to be. Keep receipts and make notations on each. In addition, use a spreadsheet to track and itemize by category. I use headings such as
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