Tax Time! Maybe you did know May 17th is the new April 15th? Anyway, besides being a comic science fiction author, I’ve also done my taxes for forty-seven years. That reaches back into the dark ages before personal computers–or cell phones.
If this is too boring to read, scroll down to the bottom, where I’m giving away 30 books and an ebook reader.
Tax Time! All My Tax Blog Posts
First, before I give you my latest tips, here are all my past tax blog posts:
Taxes 101 for Authors – The Andy Zach Way 2017/01/27
3 Tax Programs Compared For Tax Day 2017/04/14
3 Tax Tips For Authors Business Owners 2018/11/04
How To Prepare Yourself Financially For The Zombie Apocalypse 2018/11/13 This was a guest blog by financial guru Michael Dinich.
Tax Time! What Can Top These Blogs?
That would be my experiences this year. Despite my best efforts at publishing, I made money–enough to tax. You see, I pour money into my books and use my business as a loss to reduce my taxes. But I made too much money this year. I owe the government money this coming May 17th.
It’s not solely that I made more money than ever before in books. (That is, I lost less than ever before.
My wife began receiving social security. That’s a new source of income. It’s not taxed–until the end of the year, if you haven’t already paid enough taxes.
“What?!? They tax social security? Our Federal Government in Washington DC?” you ask.
“You bet. If you make any other money over a certain amount, you’ll be taxed on a portion of your social security, up to 50% of it.”
“Arggh! What can I do?”
“You can make less money. Reduce your income. Or have more deductions.”
“I’ll look behind door number 2, please.”
What’s Behind Door Number 2 – Increasing Your Deductions
What can you deduct? Here are some of the major categories of deductions.
- Business losses – spend more money on your business so you lose more!
- Medical expenses – Keep track of EVERYTHING. File every receipt. You can deduct some of it, including medical insurance expenses.
- Charitable deductions – Give away more to your favorite charities! This includes A. Money (have receipts for everything); B. Goods (Again, get receipts for everything); C. Travel Expenses. this includes trips there and back again for volunteering. I track my trips to church to lead my small group. You can too. You will get a mileage deduction.
- Mortgage interest – borrow more money and pay more interest.
- Local taxes – State and local income, real estate, or sales and use taxes. You can usually deduct sales or income, but not both. Check your state and federal laws carefully.
Is your head spinning yet? There’s more to come!
Get Help – and not from authors
You can go to a tax attorney, tax preparer, use a tax program, or read tax preparation books and articles. Or you can do all of them. But see my disclaimer below.
You don’t believe I’m an author? Check out this free book giveaway:
I’ve got my two books, Secret Supers and Villain’s Vacation in here. But I also have them on sale at Amazon.
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Legal Disclaimer
“Any tax-related opinions in any part of this document or website (including any links) are not tax advice. The above is a general explanation of tax law and should not be relied upon for your individual circumstances. Tax advice cannot be provided on a general basis, and must be specifically tailored for each individual by his or her particular representative. Any user of this website should seek the advice of a competent, independent tax professional regarding that user’s particular circumstances.
In addition, any tax advice given herein (and in any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (i) avoiding tax penalties or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed therein.”