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For many writers the idea of trying to figure out how to manage taxes related to writing is laughable because they are still dreaming of selling their first article, story or manuscript. However, you may well find yourself receiving payment for your writing one day – and when you do, it's important to know some tax basics as they relate to writing.In America all income is taxable and that includes income from writing. Some writers will file as a sole proprietorship business although this is not always necessary.The IRS is primarily looking for a profit/loss statement. In effect, they want to know how much you made with your writing and how much you spent to conduct your writing.The first year I had income from my writing I simply provided my tax preparer with all receipts from my income without providing any deductible receipts simply because I had no idea about what was deductible.I've learned a few things since that time.Did you know?
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Scott Lindsay is a web developer and entrepreneur. He is the founder of FaithWriters (www.faithwriters.com) and many other web projects. FaithWriters has grown to become one of the largest online destinations for Christian writers. Members include writers from all around the world. Please visit the website at: www.faithwriters.com
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