Self-publishing: Death and Taxes
Okay, to read about the death part, check out ZOMTROPOLIS: A RECORD OF LIFE IN A DEAD CITY. Plenty of death in there and plenty of zombies too.
But taxes. Tax season is upon up so the following is just an opinion. I am not a tax expert nor an accountant. Please obey the tax laws of your country and province/state.
The good news for self-publishers is, if you’re set up as a business (which you should be seeing as how you’re selling stuff for money), it can open doors to all sorts of deductions and write-offs.
The funny thing about taxes is you want to make as much cash as you can throughout the year but come tax time, on paper, you want to legally make as little as possible. By setting yourself up as a business, any funds spent on it could be deductible, depending where you live which means you either pay less taxes or get a bigger refund.
In Canada, we can deduct things like office supplies, printing costs, service fees, food, and a bunch of other stuff as long as the expense was related to your business and is allowed to be deducted.
Taxes for the self-publisher is a massive topic and there’s no way to give a firm guide here on this blog because readers come here from all over, but I do suggest looking into the above as per the tax laws of your place of residence. It’s hard enough to make a decent income off your art. Might as well help yourself keep more of your earnings if possible.
Think about it.
Self-publishing: Death and Taxes.
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