April 15th is Looming People! by Christine Duncan

I am hanging out here so I don’t have to do my taxes.  It’s not that complicated.  I don’t believe in complicating taxes.  I just don’t want to face them.

   But the system is simple.  If you are an author, you have a business.  So you need a bank account.  It is one of the things the IRS expects if you are serious about being in business and making money versus having a hobby. 

   Get a free one.  Any payments made to you for your writing comes through it.  Any payments you make for paper, or ink, or any other writing supplies come out of it.  If your income exceeds the expenses, that’s what you made.  If you are like many of us, and your expenses exceed your writing income, you have a loss. The bank account should reflect all, even in the case of that loss; be sure to document the loan you made to the business to pay those office supply bills.  if you credit carded it, try to keep a card strictly for your writing.

    All receipts for the writing business are kept in a shoe box filed by year and purpose.  If you are more elegant than I am, you can use a file, or if you do all of your buying online, make a data file entitled writing-20xx ( the year.) Do a new one next year.

   That’s it.  That’s the system.  It makes taxes easy.  Or as easy as taxes get.


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