TAX TIPS FOR WRITERS Every writer dreads tax time, but there's really no reason for all that anxiety. By planning ahead and keeping good records throughout the year, you can sail through your taxes in no time and get back to what you like doing most--writing.     TAX TIPS: Keep a daily record of work. Keep an income/expense ledger. Set up a business checking account and pay all bills by check as well as purchases. Keep receipts for five years at least. Any money earned with a W-2 or W-4 form must be declared on the regular 1040 form. Keep your receipts filed under tax headings that match the ones on your Schedule C for simple retrieval at tax time. And don't try to fool the IRS.  COMMON BUSINESS DEDUCTIONS: Capital Expenditures - equipment such as computers, cameras, etc. Office supplies Computer supplies - hardware and software In-service training - workshops, conferences Duplicating and printing Office-in-the-home - a percentage of all utilities, etc. as per IRS form Books, magazines, etc. Professional services - lawyer's  and account's fees, etc. Long-distance phone calls - local calls, too, if they apply Internet service charges Business use of your car - take only a percentage. Advertising - any promotional costs Travel and Entertainment Postage Parking and Tolls Professional Organization Dues Repairs - directly related to your office Miscellaneous expenses - any expense that doesn't fit into the above categories WRITING TIPS | GRAMMAR | MARKETING | TRAVEL WRITING | COPYRIGHTS | FREELANCE TIPS   The contents of this site © 2001-2009 Bob Brooke Communications Go back to Writing at Its Best Site design and development by BBC Web Services.