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December 1, 2008 guest speaker, Kassy Paris
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Kassy Paris began doing taxes because she is a writer. So she went to H & R Block one year and learned she had to use Schedule C, not the regular form to submit her taxes and all information to the IRS. So the following year, she again used Schedule C, not realizing that advances (which she had received the previous year) were not the same as royalties, which she had received that year. Royalties must be filed on Form E, she was told.
Meanwhile, after retiring from teaching in an elementary school for several years, Kassy decided to investigate the tax business by attending H and R Block instructional classes. This was both lucrative and not overburdening in time as the busy season is usually onlyh the first four months of the year.
Kassy gave many pointers to the group and told how important it is that writers use the correct forms for filing, take all the necessary deductions if that is more beneficial, or just take the standard deduction if that is more feasible. She mentioned that to list computer expenses, the computer must be used ONLY for writing purposes and bookkeeping purposes connected with writing. The the IRS MAY accept the information. If there is any suspicion otherwise, they can confiscate the computer and examine the hard drive. So she reiterated be careful what you put down.
She also mentioned that to take a standard deduction the first year you file as a writer benefits you because in the following years, you may "bounce" back and forth between standard and actual deductions for transportation costs. If you count ACTUAL mileage the first year, you will have to file actual mileage every year thereafter. In some cases, it may yield more return, but in others, it may not. So she repeated the value of taking standard deduction the first year you file for auto expenses.
Other deductions a writer may take are mileages to and from meetings, workshops, hotel costs if distance requires hotel lodging, meals when away from home. A writer may also deduct membership fees and advertising supplies.
Kassy said you must keep all receipts for a show of proof if you are audited, but for general filing, all you need to give your tax preparer is totals for expenses, and income. It is also necessary to keep and file rejection slips. She said if you get one rejection in several years, but cannot show any more activity than one submission, the IRS will not accept writing as a business. But if, she said, you have a pile of rejection slips, even without publication of anything you submitted, it proves that you are really trying to be a business person, and they will honor those as proof.
One question was raised regarding school visits. They do not send 1099 forms showing your income for that visit. Kassy said the best way to treat that is to photocopy the check, both sides and file it.
Kassy then distributed copies of detailed and very informative guidelines as she concluded her presentation.
Meanwhile, after retiring from teaching in an elementary school for several years, Kassy decided to investigate the tax business by attending H and R Block instructional classes. This was both lucrative and not overburdening in time as the busy season is usually onlyh the first four months of the year.
Kassy gave many pointers to the group and told how important it is that writers use the correct forms for filing, take all the necessary deductions if that is more beneficial, or just take the standard deduction if that is more feasible. She mentioned that to list computer expenses, the computer must be used ONLY for writing purposes and bookkeeping purposes connected with writing. The the IRS MAY accept the information. If there is any suspicion otherwise, they can confiscate the computer and examine the hard drive. So she reiterated be careful what you put down.
She also mentioned that to take a standard deduction the first year you file as a writer benefits you because in the following years, you may "bounce" back and forth between standard and actual deductions for transportation costs. If you count ACTUAL mileage the first year, you will have to file actual mileage every year thereafter. In some cases, it may yield more return, but in others, it may not. So she repeated the value of taking standard deduction the first year you file for auto expenses.
Other deductions a writer may take are mileages to and from meetings, workshops, hotel costs if distance requires hotel lodging, meals when away from home. A writer may also deduct membership fees and advertising supplies.
Kassy said you must keep all receipts for a show of proof if you are audited, but for general filing, all you need to give your tax preparer is totals for expenses, and income. It is also necessary to keep and file rejection slips. She said if you get one rejection in several years, but cannot show any more activity than one submission, the IRS will not accept writing as a business. But if, she said, you have a pile of rejection slips, even without publication of anything you submitted, it proves that you are really trying to be a business person, and they will honor those as proof.
One question was raised regarding school visits. They do not send 1099 forms showing your income for that visit. Kassy said the best way to treat that is to photocopy the check, both sides and file it.
Kassy then distributed copies of detailed and very informative guidelines as she concluded her presentation.
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etwg
05:36 PM on December 30, 2008
I haven't missed many meetings since we began in 2004, but since I've had to miss a couple lately I have to tell you how much I appreciate Pat's Meeting Notes. After reading them, I don't feel as if I've missed anything except the camradarie of being with my 'peeps.' K Sellers, ETWG Founder & Membership Chairman
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