Did you write three or more books already?
Congratulations to every author who accomplishes this with lots of perseverance. You really have earned your royalties. For sure, the “Taxman” is as happy as you are. But you also had expenses and should be able to deduct them from taxes that you pay for royalties. For sure you will write more books, so it is almost natural to register as publisher and deduct even more expenses:
• Computer, printer, fax, scanner, copier and other office equipment
• Furniture, carpet, blinds, cleaning material, cost for a maid etc.
• Telephone, cell, wireless, cable
• Insurances, banking fees
• Software and computer training
• Travel cost such as hotel, car, taxi, plane
• Car payments, car insurance, gas, repairs
• Webhosting, Domain name, web designer
• Writers and publisher conferences
• e-Book conversions, cover design, editing, copy editing, layout and desktop publishing
• Rent / Mortgage and Heating / Electricity etc. for the space you work in – and storage for your books if you go the “paper route”.
You can find lots of practical tips how to set up your own publishing company and how to distribute your book worldwide in a series of articles here at this blog. Self-publishing “Guru” Dan Poynter’s book “Self-publishing Manual” describes in detail all the tax breaks.
Another professional adviser in all things print, publishing and book distribution is Aaron Shepard, who wrote: “Aiming at Amazon” and “POD for Profit“. His great knowledge of book distribution is extremely helpful for newcomers to publishing. A good idea is to sign up for Aaron Shepard’s blog. Learn more about the process to become a small publisher from these blogs & web sites:
The advantage of business ownership for independent authors far outweights the work involved. And deciding to write a book means, that you already have decided to be in business. Go for it! What holds you back?
If you would like to get help in all things publishing, have your book intensively promoted and learn how to navigate social media sites: We offer all this and more for only $ 159 for 3 months. Learn more about this individual book marketing help: http://www.111Publishing.com/ Once you are on this website, click on Seminar to register.
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