January 29, 2013
Today is an open day here on ENALR so I thought I’d jump in. What’s on your agenda today? For me, it’s taxes.
I don’t know how each of you account for your writing expenses, but my hubby and I decided from the very beginning that it would be easier for us if I had a separate company for business and run all my revenue and expenses through it. In fact, all my royalties come payable to my company, not me. My company, Riante, Inc, is registered in Arkansas. I’m required to file my federal company taxes by March 15, so I’m lining up all my expenses with explanations. I used Quicken and have learned it’s easier to keep track of expense explanations (like a book title) when I record the expense during the year than to go back and try to figure out which book expense went with which book. At the end of the year, I can run a report that shows my expenses with explanation. Quite a time saver from what I used to do!
This will be the first year I report income for Riante, Inc. (if you don’t count the $25 I reported last year for a contest win!) It’s not a HUGE amount of money but hey! My accountant is thrilled. 🙂
So any good tax tips you want to pass along?