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In this episode we are going to talk about how to stay out of jail … when it comes to your taxes …
I am excited to introduce our guest.
So, we brought in a CPA who has coached authors, celebrities and small businesses for over thirty years. He is the guy that the other accountants turn to with their questions. He is honest, creative and smart – a unique combination among accountants. He also happens to be my dad, Tom Umstattd Sr. He has asked me several times not to call him an “expert” so I’ll let you make that determination on your own.
When April 15 rolls around, you’ll be glad you took this course.”
Talking Points:
- Does being an author help you save money on taxes?
- So how do I know if I am running.
- What kind of deductions can authors take?
7 Tax Saving Tips the IRS Doesn’t Want Authors to Know
- Whether or not you qualify for tax deductions for your writing-related expenses (not all writers qualify). You will also find out about the 9 factors the IRS uses to determine if someone is a professional author or not.
- About a simple tool that will help you make more money as an author while helping make you become more audit-proof.
- How to start making a writing income even before your first book comes out.
- Whether or not you need to form a business entity, and which entity is best for authors (S Corp or LLC). We will also share a cheap and easy way to form a business entity.
- 19 different different tax deductions authors can take advantage of.
- 5 ways to reduce your chances of being audited by the IRS.
- How to avoid common mistakes that often get authors in trouble with the IRS.
Sponsor:
7 Tax Saving Tips the IRS Doesn’t Want Authors to Know
Perfect podcast to listen to while I finish putting everything together to hand over to our CPA. Thank you! (And my new favorite quote may be your dad’s version of “render unto Ceasar’s…”)