Every year I post about tax season.
Every year I get asked the same question.
Do I have to itemize my author expenses?
The real question should be, why AREN'T you itemizing your author expenses?
Whenever you do anything as an author; you should have a small notebook that you keep in your "author bag" and in your car. (You DO have an author bag, don't you) More on that in a different blog.
So when you bought your own 'stock' of novels; you kept those receipts, right? Write them off
When you drove over 100 miles for that book signing; you took note of your mileage and gas, right?
When you paid for those conferences and workshops; you did keep those confirmations and receipts; right?
When you bought those comfortable shoes; that you ONLY wear for your book signings. Because you don't sit down while you are at an event; except to sign your novel. You did keep that receipt, right?
See, there are a lot of hidden deductions that you have.
What about that new laptop or desktop that you bought to only do your novels on. How about when you turned that extra bedroom into your writing den, you do know that part of that can be written off.
Now, I am NO TAX EXPERT but I do know that most things that require payment, should be done separate from your daily and household budgeted items. I also know that they can be written off but you need a TAX PROFESSIONAL to do that for you.
So; are you ready for tax season?
If you are not; begin by finding those receipts that you can easily put your hands on. Then after you do that, get yourself a small notebook that you can keep with you at all times.
You never know WHEN a deduction may happen.