Discover millions of ebooks, audiobooks, and so much more with a free trial

Only $11.99/month after trial. Cancel anytime.

Author Bookkeeping Made Easy
Author Bookkeeping Made Easy
Author Bookkeeping Made Easy
Ebook59 pages45 minutes

Author Bookkeeping Made Easy

Rating: 0 out of 5 stars

()

Read preview

About this ebook

Don't know the difference between a 1040, a 100 EZ, a W2, or a 1099 - not a problem. This book will walk you through the maze of taxes.

You will learn about -

1. The Home Office Deduction

2. Travel Expenses

3. 1099s

4. Business Expenses. What's deductible, what's not.

5. Quaterly Tax Payments

If you're an author, and not sure what receipts to save, or how to make your quaterly tax payments - This book is for you.

LanguageEnglish
PublisherNick Vulich
Release dateJun 7, 2015
ISBN9781513031552
Author Bookkeeping Made Easy

Read more from Nick Vulich

Related to Author Bookkeeping Made Easy

Related ebooks

Accounting & Bookkeeping For You

View More

Related articles

Reviews for Author Bookkeeping Made Easy

Rating: 0 out of 5 stars
0 ratings

0 ratings0 reviews

What did you think?

Tap to rate

Review must be at least 10 words

    Book preview

    Author Bookkeeping Made Easy - Nick Vulich

    Author Bookkeeping Made Easy

    Copyright © 2014 by Nick Vulich

    Cover illustration

    Credit / Attribution - Print

    © Can Stock Photo Inc. / DrawShop

    http://www.canstockphoto.com>(c) Can Stock Photo

    Want to know about Nick’s new book releases? Join our mailing list.

    Interested in being notified when Nick releases his next book? Click here to join our mailing list. We promise not to send any spam, or unwanted emails.  The only thing you will receive is news about Nick’s new book releases, and occasional specials we are offering.

    Table of Contents

    Cover illustration

    Table of Contents

    Why you need to Read This Book

    Why Listen to Me?

    Getting Started

    Accounting Terms You Need to Know

    Getting started with GoDaddy Bookkeeping

    Keeping your records the old-fashioned way

    Working with an accountant

    The lowdown on taxes

    Most common Tax Deductions

    Business permits, licenses, and such

    Choosing your business status

    Wrapping it all up

    Further Reading

    Bonus Excerpt

    Books by Nick Vulich

    Audio Books by Nick Vulich

    Why you need to Read This Book

    Authors work with words. Accountants work with numbers. So what does bookkeeping have to do with writing, you may ask?

    Good question.

    The answer could mean thousands of extra dollars in your back pocket.

    Too many authors get so excited about the money rolling in they never bother to add it all up to see if they’re making a profit. Not until it’s too late, anyway.

    To run a successful writing business you need to make a profit. The more profit you make, the healthier your business is. Unfortunately, too many authors never stop to look at the big picture. They assume that because the money keeps flowing in, they must be making a profit.

    I felt the same way the first year my books were on Kindle. I earned nearly ten thousand dollars in royalties that year, and I naturally assumed I was making money. Every time I turned around there was another deposit in my bank account. I had to be making money. The thing is when I totaled it all up at the end of the year I really only made a couple thousand bucks.

    How could that be?

    Simple answer: I spent more money than the royalties I received. The long answer was I kept spending money I should have socked away. I bought a new laptop, another iPhone, a Kindle, and don’t forget Fiverr. I commissioned 179 Fiverr’s over the course of one year – covers, infographics, videos, you name it.

    Smart author’s tie their spending to their cash flow. If they project $10,000 in royalties, they determine they can spend a certain amount for research and goodies. If they project $25,000 in royalties they allow themselves to spend a few bucks more tracking down that last scrap of necessary research, designing one more alternate cover, or acquiring the latest greatest electronic gadget.

    Of course, research expenses, covers, and computer equipment, are only a few of the ingredients involved in planning cash flow. Authors need to look at all of their expenses when they make cash flow projections.

    A simple author’s budget would likely have many of the expenses listed below:

    1) Research expenses

    2) Books

    3) Travel

    4) Review copies

    5) Art work (for covers, promotions, flyers, etc.)

    6) Gas and mileage for your car

    7) Advertisements to promote your books

    8) Google AdWords / Facebook Ads

    9) Equipment (computers, printers, etc.)

    While not an all-inclusive list, this will give you an idea of the expenses you need to track. You also need to track your sources of income.

    These are some of the income sources you’re likely to encounter:

    1) Kindle royalties

    2) Create Space royalties

    3) Smashwords royalties

    4) Barnes & Noble royalties

    5) Google Play &

    Enjoying the preview?
    Page 1 of 1