Tax Strategies & Credits

5 Indispensable Tax Tips For Self-Published Authors

9/21/2022

If you’re a bookworm who has finally made the jump from reader to author, congratulations are in order! This is no small feat, and you deserve to be proud of your accomplishment.

Once you write a book, though, you might find yourself feeling a bit overwhelmed by the financial aspects of becoming an author. Tax time, for example, can be quite challenging, especially if your newly published book is successful.

In today’s world, self-publishing is more common than ever before but you’re not alone if you’re confused about how to handle your taxes as a self-published author. Here, you’ll find indispensable tax tips all self-publishers should know.

1. Track Your Income Carefully

Self-published authors often have income from multiple sources, especially if they decide to sell their books on various platforms like Amazon, Barnes and Noble, and even Etsy or eBay storefronts.

To ensure that you are paying the proper amount of taxes every year – and that your quarterly estimated payments are as close as possible to being accurate – tracking your income carefully is key.

Many self-publishers opt to use simple spreadsheets to track their income, but if you are having a lot of financial success as an author, you might want to invest in software that will help you manage all of your expenses and receipts.

2. Understand 1099-K Forms

The IRS’s 1099-K form is sent to those who earn certain amounts of income via payment services like Venmo and PayPal. If you sell books on online marketplaces, the odds are good that you receive at least some money this way.

The IRS specifically notes:

You should receive Form 1099-K by January 31st if, in the prior calendar year, you received payments:

From all payment card transactions (e.g., debit, credit, or stored-value cards), and

In settlement of third-party payment network transactions above the minimum reporting thresholds as follows:

For returns for calendar years prior to 2022:

Gross payments that exceed $20,000, AND

More than 200 such transactions

For returns for calendar years after 2021:

Gross payments for goods or services that exceed $600, AND

Any number of transactions

Note: For transactions made after March 11, 2021, the American Rescue Plan Act of 2021 clarifies Form 1099-K reporting by third-party settlement organizations applies only for transactions for the provision of goods or services settled through a third-party payment network.

3. Know the Deductions You Can Take

Self-published writers who are self-employed and work from home are generally eligible for a number of tax deductions. When you fill out your Schedule C form, make sure you deduct all of the relevant business expenses.

These costs may include:

internet
supplies like printer ink, printer paper, notebooks, and pens
desktop or laptop computer
necessary software, like word processing programs for writers
other “ordinary and necessary” expenses as a self-published writer

If you have questions regarding deductions, talk to a qualified local tax professional.

4. Be Aware of State and Local Tax Requirements

There are currently nine states – Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming – that do not have state income tax. Louisiana is currently considering becoming the 10th such state, but no decision has been made in the state legislature yet.

If you reside in a state where income tax is collected, it’s important to pay your fair share as a self-publishing writer. You may also be required to file excise tax returns on a regular basis. Doing careful research into state and municipal rules will help you avoid any late payments and filing penalties when tax season rolls around.

5. Know That Your Status Can Change

If you ever decide to – or simply get the opportunity to – start working with a book publisher instead of self-publishing, it’s important to know that your tax situation could change. You may, for instance, begin collecting royalties if you sell a book to a publisher.

Royalty taxes can be particularly complex so, again, make sure you have a reputable tax professional who specializes in the publishing business on your side!

Did you know all of these tax tips for self-published authors?

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Frank Jenkins Jr

Frank Jenkins Jr. is the managing partner of Adams, Jenkins & Cheatham, a CPA practice based in Midlothian, VA. Frank specializes in Consulting services, tax planning, accounting, audit & assurances. "I genuinely care about our clients because I have a personal connection with them. This job requires me to multi-task and work under tight deadlines. I get great professional satisfaction from balancing firm and client commitments while building a strong team here at AJC."

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