Posted by prqueen in One of the most time-consuming tasks for new authors is handling their business during tax time. Keeping accurate inventory is a piece of cake when you are organized and if this process gives you a big headache read further to get organized today as well.
Many authors who are self-employed either file annual or quarterly sales tax forms. When the forms arrive it is easy to mistaken the envelope for regular Department of the Treasury Internal Revenue Service updates about tax info on mailers and changes in tax codes. You probably overlooked a letter this season stating that mailing returns to annual sales tax filers and/or some quarterly filers in specific zones will not be sent correspondence or reminders to file their taxes. If you have multiple businesses, one a thriving business and the other an upstart ready to launch this information applies to you.
It’s now up to you to remember to file by annual sales tax return deadlines and/or quarterly sales tax returns if applicable. What’s the big shake up? Many authors will forget to handle their business, wait until it is too late to file and be charged interest penalties for late payments. You may be an annual sales tax filer because your business did not pick up the first few years so you opted for less paper work. Now you are probably making a whole lot of money with innovative ideas and the last thing you want to do is be late and put up a red flag to the IRS to audit your income.
You will need to have accurate book keeping records via a Domes tax record book or the tax man can say you earned more than you said you earned and especially if you itemized consistent expenses that total more than you earn. So many authors are selling books off the shelf and using high tech digital printing so they think they can’t be tracked, but indeed those printing companies are submitting your purchases as well via credit card.
In other words, it is logical to accurately pay your taxes for every dime you make on time and for every registered business owned by you or who you are doing business as. Start off right and you won’t have to worry about headaches later on. Have a separate tax folder kept in a safe place so you can refer to your business information like your taxpayer ID and new pin code and username if filing online for the first time. Millions of new business owners just like you have to endure this process and you’ll get used to the new accountant in you within a few years. Don’t panic new self-publisher.
While it is much easier to hire an accountant I will be forward with you and insist that you learn all aspects of running a publishing company. The day will arrive when that accountant can no longer support you as a start up business owner and you’ll need to be ready or go bust with Uncle Sam knocking on your door. PAY YOUR TAXES! Send them more if you can. Keep these guys off your back. Be happy and enjoy the fruition of your success. YOU DID IT!
Thus far, quarterly filers still receive their quarterly forms, but annual sales tax filers must either call 1-800-698-2909 to acquire mailed forms or go to the following link to download or you’ll have to wait probably 2 weeks and bound to miss your deadline: http://www.nystax.gov/pdf/2010/st/st101_1_a10.pdf . If you found this ASK HEATHER post hopeful please feel free to make a donation on the sidebar as soon as I post it sometime this week and submit more questions to Disilgold@aol.com.
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