You tracked your expenses throughout the year, you gathered
all your receipts, and you recorded your royalty income. Now you're ready to send your
spreadsheet and copies of everything to your tax preparer. But wait. There is one other important step you can take. This step doesn't take much time to
complete and it is worth it in more ways than one.
All you have to do is add a text box at the bottom of your
spreadsheet, if there's room, or add another page to your tax record, if
there's not room. For me, this text
description is part of my record that I turn in to my accountant and I consider
it invaluable.
What goes in the text box?
Add brief
descriptions of writing-related activities and accomplishments for the
year. Brief and relevant are key
in this step. It requires you go
through your calendar, month by month, to refresh your memory, and total up
some of the items. I know your
calendar includes literary events you participated in such as: author
appearances and readings, submissions to publishers; classes you taught, book
publication dates, awards you won, lists you made, and so on. I also make note of income
sources. These are the kinds of
things to add in your text box.
Here's an example of my paragraph:
ACCOMPLISHMENTS THIS YEAR:
Appeared in 2 print and 2 online publications. Self-published one novella ebook. Started my own press.
Entered 3 poetry contests. Submitted
1 new book proposal. Professional workshop
speaker for CWC, LGSR & AFP. Participated in two guest author talks and signings. Participated in several poetry/fiction
readings in Los Gatos, San Jose, Cupertino, and Saratoga. Participated in Poet Laureate Poetry
Podcast Project. INCOME THIS YEAR:
from royalties paid by publishers Montlake, Amazon KDP, McGraw-Hill,
and Distributor Robertson Publishing, and workshops and speaking fees.
As you can see, there's nothing earth
shattering. Just the day-in and
day-out of being a professional writer.
I've kept track of my accomplishments for several years now
and each year I can see how productive I've been. Some years I can say my work was a
finalist in a contest or that I won an award. And other years I can show income from an advance paid by a
publisher.
If you're ever audited, the IRS will be interested in the spreadsheet, your
receipts, and official proof of income and expenses. This additional notation of your accomplishments provides context,
jogs your memory of your literary activities and projects. It can help you answer
questions. Will you
remember how you were pursuing a
professional writing career, what specific efforts you made to publish, or the
results of all your expenses three or four years from now? I know I
wouldn't remember unless I kept this annual notation—which I know won't get lost because it is with my tax
documents.
At the least, you'll have a cool
ongoing record of your endeavors that only took you minutes to note each
year. Since you are noting
your activities on your calendar anyway all year long, just tally them up at
tax time like any other tax item.
The effort is worth it.
Victoria M.
Johnson
knew by the time she was ten that she wanted to be a writer. She loves
telling stories and she's happiest when creating new characters and new
plots. Avalon Books and Montlake Romance published Victoria's fiction
debut, The Doctor’s Dilemma, (A 2012
Bookseller’s Best double finalist). Her
other fiction book is a collection of romance short stories titled, The Substitute Bride and a novella, Hot
Hawaiian Christmas. She is also the writer and director of four short films
and two micro documentaries. Visit Victoria's website at http://VictoriaMJohnson.com for
inspiration and tips and find her Amazon
author page or connect with her on Pinterest and Twitter.
