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The Business of Writing : Writers' Block Party • Writing Forum | WritersDigest.com

The Business of Writing

What's going on in your writing world? Connect with the writing community here and talk about whatever's on your mind.
JessicaLeigh
Lieutenant
 
Posts: 542
Joined: Wed Jan 25, 2006 8:57 am

The Business of Writing

Postby JessicaLeigh » Fri Feb 03, 2006 8:46 am


JessicaLeigh
Lieutenant
 
Posts: 542
Joined: Wed Jan 25, 2006 8:57 am

The Business of Writing

Postby JessicaLeigh » Fri Feb 03, 2006 8:46 am

First let me say, my one-year-old is asleep on me, so forgive any typos resulting from my one-handed typing.

Those of you who are making money off your writing (a little or a lot)...what sort of recordkeeping do you employ? My husband is an artist & we keep strict records regarding expenses (i.e. supplies, framing, travel) and income (i.e. sales) within Microsoft Money software. We file a Schedule C because his studio is in our home. As my writing career begins, I could use some advice about the business of writing--is it going to basically be the same? My husband does not have a seperate tax number because the art career is considered a sole proprietership...is it the same w/ a writer?

Curious
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Posts: 637
Joined: Wed Oct 19, 2005 3:22 am

RE: The Business of Writing

Postby Curious » Fri Feb 03, 2006 9:55 am

I'm a freelance writer, so we do the whole mileage/expenses/upgrades to office equipment/Internet connection/new bathrobe (i.e., new office supply)/my portion of hotel fees on business trips deductions dance. And yep, it's Schedule C for me, too. I get the 1099's and plug 'em in. Sounds like you're already a pro!

Clare

abqwriter
Vice Commander in Chief
 
Posts: 7123
Joined: Tue Oct 18, 2005 7:49 am

RE: The Business of Writing

Postby abqwriter » Fri Feb 03, 2006 11:08 am

(I'll whisper so I don't wake up the wee one...)

I use Publisher for my invoices and keep a log of invoices for the past 5 years in case I am audited.  On my log I have date of query, date of assignment, date due, date filed, date paid, date deposited along with who bought the article and the title of the article.  That way, on one sheet I know how many queries are floating around, how many are assigned and when and if they've paid.

For taxes, we use the Schedule C for deductions.  And I use Money to track non-reimbursed business expenses.  Just make sure you understand how many years your business can claim a loss before it triggers a flag with the IRS.  I wouldn't quote me on this, but I believe it is every 4 out of 5 years that you can claim a loss.


Jamesaritchie
Commander in Chief
 
Posts: 8276
Joined: Wed Oct 26, 2005 12:11 pm

RE: The Business of Writing

Postby Jamesaritchie » Fri Feb 03, 2006 5:20 pm



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