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Friday, March 23, 2012

Great entry on the ACFW blog-- writers and taxes.

Your Writing, Your Business

Posted on March 23, 2012 by ACFW

by Danica Favorite

One of the things I teach in my Taxes for Writers class is that the IRS is going to look at your business as a business, and many writers need to work on making their writing business more business-like. Yes, I know, writers tend to be more creative and would rather spend their time deciding if their heroine’s horse should be named Petunia or Patience. But we need to remember that our writing is a business.

Here are three simple things you can do to make your writing business more business-like:

1. Write a business plan.

Those who have worked in the corporate world know that a business plan can be pretty complicated. But writers can do something more simple. For example, what are your writing goals for the year? Maybe you can’t control how many contracts you get, but you can control how many books you write, what you do to market your books, and how many queries you send out each year. Write these goals down and use them as a guide for your writing business.

2. Set a schedule for your writing and stick to it.

A business owner would never hire an employee to work whenever he or she felt like it. The same should go for your writing business. Commit to times when you will write and put it in your schedule. You’d never dream of missing work because your aunt Trudy wanted to go to lunch, so don’t skimp on your writing time, either. Keep track of your writing time and schedule. Some writers do this in a spreadsheet, and there are also a lot of great time-tracking software programs out there. Not only will it help prove to the IRS that you have a business, but it also will help you see where you’re spending your time and how you can use it more efficiently.

3. Keep good records.

Read the rest here.

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