Thursday, January 24, 2008
THE TAX MAN COMETH
I know it's only January, but it won't be long before it's time to do our tax returns. Just thought I'd pass along a couple of tips and at the same time remind you that you need to be thinking in that direction. Even if you are not claiming your writing as a small business, you can still deduct your writing expenses up to the amount you made on your writing. For that reason (if you haven't done that this year) I encourage you to start keeping track of those expenses for next year's tax form. If you are claiming your writing as a business, you can deduct mileage for trips to the bank, office-supply store, post office, and to meet clients for interviews, etc. The standard mileage deduction for business-related driving rose to 48.5 cents per mile this year. Also realize that you can deduct the cost of tax-preparation software if you do your own tax preparation. I will try to pass along any other info I come across, but if you have questions, you can try one of these Websites for answers: sbininformation.about.com/od/taxes/Small_Business_Tax.htm, or hrblock.com/tax_business_services/resources/article_bus_ded.html.