Our friends at Precision Editing Group have posted two great blog articles on the tax basics you need to understand if you’re going to earn income as a writer (or try to write off your losses). So why reinvent the wheel? See their thoughts on tax deductible expenses and on tax structure options for your expenses and income.
Our only added bit of advice? Programs like QuickBooks (the business version) have quick and handy templates that will remind you of all your eligible write-offs as well as keep your records nicely organized (not to mention they’ll do that yucky math part automatically—good news for all you English majors out there).