Today’s post comes to you courtesy of author Christina Mercer:
Authoring books is amazingly fun and creative and never, EVER dull . . . However, along with all that imaginative wonderment, Authors come closer to becoming mini-accountants than they realize. Why? Because once anyone becomes an official business owner, he/she crosses into the realm of accounting and taxes.
Oh, the horrors of it, right? But never fear!
When Authors Mean Business, they have propelled themselves from merely writing for “fun” to reaping well-earned monetary rewards. AND THAT IS A GOOD THING, RIGHT? Authors are not only wand-waving story weavers, but also real-world professionals running businesses that earn money. And, yes, along with that comes accounting and taxes. If that causes some of you Authors out there to squirm, just remind yourselves that it’s a sign of monetary success if your books are earning ENOUGH profits to generate said taxes. And you don’t have to figure it all out on your own!
In order to help fellow creatives with all of this business and accounting stuff, I offer a handy little guide with some important must-knows of accounting, taxation, budgeting, and planning for the future. Learn the differences between a hobby and a business; get a handle on different business structures; learn about proper bookkeeping, sales tax, common and complex tax deductions, retirement options and more!
Counting each and every “Bean” earned may not be the idea of fun and adventure for most, but having lots of beans in the bank is a pretty great way for Authors to keep on doing what they do love most—WRITING BOOKS! And understanding some important business and financial basics is a big step toward making that happen.
Once-upon-a-time, Christina Mercer worked as a CPA. Though she retired that formal hat, you can still find numbers buzzing around her head. She is also an award-winning author of fiction for children and young adults. She currently resides in Northern California enjoying life with her husband, sons, pack of large dogs, and about 100,000 honeybees.