The new Trump tax plan has some big changes for how much authors pay in taxes. This is arguably the biggest change to the tax code since the 1980s

So, we brought in a CPA who has coached authors, celebrities, and small businesses for over thirty-five years. He is the guy that the other accountants turn to with their questions. He is honest, creative and smart – a unique combination. He also happens to be my dad, Tom Umstattd CPA  He has asked me several times not to call him an “expert” so I’ll let you make that determination on your own.”

Questions:

  • What are some of the biggest changes for authors under the new tax plan?
    •  
  • Do you have to make a profit to be a business?
  • How much should authors pay in taxes?
    • Render unto Caesar only that which is Caesar’s
  • What should authors start doing in 2018 to reduce their tax bills in 2019?
    • Business Plan
    • Auto Expenses  
    • Home Office
    • Separate bank acct
  • Do I need to be a business entity?
    • LLC
  • Is it better to be a corp or an LLC?
  • What are some expenses that authors can deduct?
  • When does an author need a CPA?
  • Where can people find out more about you?

Links:

Sponsor:

2018 Tax & Business Tips for Authors Course

We are re-recording an all new course updated for the Trump Tax Plan.

In the course you will learn:

  • Whether or not you qualify for tax deductions for your writing-related expenses (not all writers qualify). You will also find out about the 9 factors the IRS uses to determine if someone is a professional author or not.
  • About a simple tool that will help you make more money as an author while helping make you become more audit-proof.
  • How to start making a writing income even before your first book comes out.
  • Whether or not you need to form a business entity, and which entity is best for authors (S Corp or LLC). We will also share a cheap and easy way to form a business entity.
  • 19 different tax deductions authors can take advantage of.
  • 5 ways to reduce your chances of being audited by the IRS.
  • How to avoid common mistakes that often get authors in trouble with the IRS.
  • Not just tax advice, also a lot of general business advice including a special Indie Business Plan Template a Training.

Spending an afternoon talking with a CPA would cost you hundreds of dollars. The course is only $99 for focused advice specifically for authors.  It comes with a 30 day refund, if you are not totally satisfied.

AuthorMedia.com/taxtips

 

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