Financial Resources

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Sometimes, another writer, I know I've written books and tax consultant, I asked the best ways that authors can reduce your income taxes.

If you can, try to weasel me out of the discussion by offering such goodies as basic: "Well, remember verify the calculation of Office at home. "Y" to use an accounting program like Quicken Basic or Microsoft Money to capture all Free Business Writing.

Usually, those simplistic answers work. Normally, after Dolling to such absurdities, man wanders to get another drink and snack more.

Everyone from time to time, however, I met a writer who is highly motivated to save on taxes. Usually, someone writing now are money well … When can deflect their questions otherwise, I speak of the three best ways that authors have to save on taxes.

Technique # 1: Your Smooth Income

Whatever you think of the United States Internal Revenue Code, you should know that it's very progressive. Climbing that means more to the other payable. Climbing also means that if your income fluctuates, your tax increase, even if you use the same money on average than other person makes a steady income.

To illustrate, suppose you compare two authors, John and Jane. If John is a constant $ 60,000 per year and have a mortgage, a wife and two children, would pay about $ 1,000 over four years (net of tax credits for the children.)

In comparison, suppose that Jane average $ 60,000 per year, but believes that its turnover from $ 30,000 per year and 90,000 per year. It further 60,000 per year on average. However, if it also has a wife, two children and a mortgage, you probably will pay $ 8000 to 10,000 Taxes $ on the same four years.

Note that during these four years, therefore, the two authors, that the same amount of money: $ 240,000. But they pay taxes differs radically. Jane pays eight to ten times what John pays! Ouch!

What can Jane do? Well, we will bring this new example of writers work. Jane probably quite easily smooth their income. You can make sure it does not stack two major advances in the same year. You can extend advance payments for more than two years or more. You can even try a question over their costs in good years. In good years, for example, You can buy new computers to take graduate courses, or top off your pension.

Technique # 2: installation LLC and elect S Corporation Status

I've written a lot about how S corporations save taxpayers money and how the proper way to establish a society S is to first create a limited liability company, then ask the IRS to treat the LLC as an S corporation for tax purposes.

Allow me the basics, here again, however. Suppose you make $ 90,000 a year as a writer or an author. If you just treat your writing business as a sole proprietorship, you could pay $ 12,000 in taxes on income over $ 90,000, and another 15.3% of self-employment tax, or about $ 13,500 more than $ 90,000.

If you configure an LLC and the LLC were treated as an S corporation, you still pay the same $ 12,000 in income taxes. But you only pay 15.3% self-employment tax on the portion of benefits categorize wages. If they are ordered, for example, $ 30,000 benefits as wages, taxes will pay $ 4,500 for self-employment. (The other $ 60,000 in other benefits, of course, is paid as a dividend-like "distribution".)

For example using these numbers, then you could save about $ 9,000 per year in taxes on employment using an S corporation

Two brief remarks Companies S: First, S corporations require an additional tax and accounting so you do not spend all their savings. Some of savings to the lawyer, accountant, and the bank. Secondly, it is absolutely necessary to set their salaries at a reasonable level.

Technical # 3: Reinstall residence

A final, tactical planning of hand. Remember that there are states like Alaska, Florida, Nevada, Texas and Washington, that no tax income residents of the state. Therefore, if you move into one of these statements, you will fall in its overall tax bill because they do not include taxes of the state.

One advantage of writing is that you get to live wherever you want. Why not choose a place that does not tax their income on paper?

But note: Be very careful not neglecting other taxes to state taxes. For example, Washington state where I live four counts tenths of a special tax percent of revenue from fees. This rate is much lower than the high-tax states like California or New York, writers charge. This explains probably why, during the technology boom in the 1990s, many writers Computer Book making six figures high and low seven-figures income moved in the Seattle area.

Washington State LLC formation expert Stephen L. Nelson CPA has written more than 150 books. Formerly an adjunct tax professor at Golden Gate University, Nelson is also the author of Quicken for Dummies. Copyright 2006 by Stephen L. Nelson, CPA. He also edits the s corp web site.

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