Paying Attention to Your Taxes?
If, in the best world (which I must admit almost no writers live in), you would have already figured your income for 2021 from your writing and the expenses you can take that income down to make sure you don’t pay taxes. Yeah, and cows can fly. But that is the right way to do it, and honestly, except for 2020, I come close each year to knowing exactly what WMG Publishing made and our tax situation by the last week of the month. I don’t have it to the penny, but I know.
(Let’s just say that 2020 surprised me on the income to the tune of about $80,000 more income than I expected, but didn’t know that until well into 2021. Oops. (grin) Still paid almost no taxes, all legally.)
But if you are paying attention, or can do some quick math in general, you can have an idea of how close you are. Why am I even talking about this on the last day of the year? Because now is the last day you can get a real expense to put against your writing and publishing income to reduce or cancel taxes you will pay on your writing income.
And I just happen to be offering a real deductible expenses at half price at the moment. (grin) Yes, workshops are an expense you can deduct for your writing income, just like you can deduct books and movies and your cable subscriptions and so on and so on.
So right now on WMG Publishing Teachable, all workshops, classes, study-along, subscriptions, pop-ups, lectures, and so on are all half price. Just hit purchase on what you want and put in the code:
and you will what you want for half price.
And I just put up the first of a series of five new Pop-Ups that will all be up shortly and I will have a bundle of all five because they all fit together. It is a series I am calling STRATEGIES. Focused on publishing and business and all five will be in the main Master Business Class. (If you are in that class, don’t buy these.)
First is Series Strategies (up now), followed by Stand Alone Novel Strategies, then Short Story, Crowd Funding, and Non-Fiction. All strategies around publishing and business of those topics. They will all be there in a few days along with being bundled for a discount.
So the sale is going on now. If you need a deduction, or think you might, today is the last day of the year. Don’t miss.
Code is YearEnd for everything 50% off on WMG Teachable.
Michael W Lucas
I’m a heck of a lot smaller than you, and I do the same. Yes, my accounting is simpler, but adding up income & outgo at the end of each month is a routine necessity. Surprised by how many successful authors don’t do this, and get screwed at the end of the year.
If you practice when your business is small, you’ll be comfortable doing it as your writing career builds. Otherwise, one day you will HAVE to do it and you will be lost. Start playing the business game early. Learn in the kiddie pool, before you get dumped in the ocean.
Ditto for tracking expenses each month. Finding your receipts on the 1st of each month is worlds easier than finding a years’ worth on 1 January…
What Michael said. Start in 2022 if not doing that now.