Author Bookkeeping Made Easy
By Nick Vulich
()
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.
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Book preview
Author Bookkeeping Made Easy - Nick Vulich
Author Bookkeeping Made Easy
Copyright © 2014 by Nick Vulich
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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 &