Writers frequently compare the process of writing a book to giving birth. I know a lot of moms who would dispute that, but it is rue that the process can be almost as painful. Nevertheless, seeing a new book on the book shelves for the first time is terribly exciting. New authors are justifiably proud of their new "baby." They ssometimes forget one final point of comparison. The new book baby also comes with a tax deduction if the author is prepared to claim it. Here are some of the little things that are easy to overlook. Be sure to keep track of all
expenses for office supplies—pens, pencils, notepads, printer cartridges,
diskettes, scotch tape, paper clips, file folders, labels, a calendar, an
appointment book, scissors, a rack to hold current file folders. You can even deduct
the cost of air, if you buy it in compressed form and use it to clean your
keyboard. (I use mine to chase the cat off the desk, but the principle is the
same.) Think advertising. Anything you
have printed with the name of your company or the name of your next book can be
deducted as an advertising expense. Of course you’ll have a supply of business
cards, but you can also use the same size card to announce an upcoming book. (I
had some printed with a picture of “The Second Mouse” on them. I have a second
set of half-size business cards with photographs of Beaufort, SC, on them to
advertise my next novel, The Road to
Frogmore.) Both were deductible, as are bookmarks that match your book
covers or brochures telling dealers and bookstores how they can order your
books. Much of your book budget will go
for travel—to research libraries, book signings, or writing conferences. If you
travel by car, you can deduct the exact mileage, as long as you keep a log or
record of the odometer. You’ll be asked for details of the car’s purchase price,
its year and model, its VIN, and its total mileage, so keep them handy. This year you’ll
be able to deduct 50 to 55 cents a mile if your travel is purely for business.
I bought a magnetic company sign for under $10.00. On business trips, I slap
that on the front door of the family sedan and turn the entire trip into a
business expense. You can also deduct hotel bills, parking fees, and bridge or
road tolls if you keep records. If you want to learn more about tax deductions for writers, see the second chapter of The Second Mouse Gets the Cheese. |
