Author Taxes – A 2026 Guide to Avoiding Jail & Overpaying
From Novel Marketing · 59:07
Show by Novel Marketing
American Taxes, pay too little and you go to jail. Pay too much and you lose the money you need to reach more readers with advertising and promotion. If your records feel like a mess of Amazon deposits, Ingram payments, Kickstarter funds, affiliate income, coaching fees and dozens of random expenses you’re not alone. In this week’s episode, you’ll hear from Seth Norris, a CPA who works specifically with authors, about how to handle bookkeeping and taxes with confidence.You’ll learn: -A simple bookkeeping rhythm that prevents tax-time chaos. -How the IRS decides if your writing is a business or a hobby. -The most common mistake that costs authors the most money.Discover how to simplify your approach and how to avoid paying more taxes than you actually owe. If you want to keep more money for advertising, marketing, or feeding your family, stop treating taxes like a deadline of doom. Instead, listen in or read the blog version.Times:0:00 - Introduction: Taxes for Authors1:37 - Bookkeeping Software Options (QuickBooks vs Xero)3:36 - Importance of Separate Business Bank Account7:29 - Piercing the Corporate Veil10:21 - Business Plans & Amazon Example16:17 - Approaching Writing Like a Business24:20 - Ordinary, Necessary & Reasonable Expenses28:59 - Documentation is Key37:00 - Travel Deductions for Authors50:25 - Biggest Mistake: Royalty Income vs Business Income54:43 - Not Tracking Expenses (Leaving Money on the Table)55:10 - How to Work with Seth NorrisBLOG VERSION: https://www.authormedia.com/how-authors-can-stay-out-of-jail/PATRON TOOLBOX: https://www.authormedia.com/patron-toolbox/PATREON: https://www.patreon.com/c/novelmarketing Hosted on Acast. See acast.com/privacy for more information.
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- 002 – Do authors still need a website?
- 003 – Autopilot Marketing for NaNoWriMo
- 056 – How to Become More Confident
- 054 – The Enclave Files #1
- 055 – Finding Readers Through a Book Scavenger Hunts With Robin Lee Hatcher
- 062 – 7 Ways to Avoid the Email Spam Filter
- 060 – Q&A Extravaganza & Big Announcement
- 059 – Novel Tax Tips for Authors
- 057 – What to Include in an Author Newsletter
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