I started a business last year as a publisher....
through Fictions Profits Academy. I paid money to be a part of that as well as paying a writer for my first book. I don't know what forms or how to file this, but I definitely want to get whatever credit/tax savings I can get. Thank you for any support on this.
Jeanne
Best Answers
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Hi Jeanne, if you are self-employed, then you would generally report your income on Schedule C. That can be done in the software by selecting Income > Business Income (Schedule C) from the menu.
As you go through the Schedule C screens, you will be prompted to list your income and business expenses. Expenses can be anything that is considered “ordinary and necessary” for the publishing business. You will see a list of common expenses and can decide if they apply to you. Any items that don't fit in the expense categories provided can be entered as miscellaneous expenses. You can also account for home office expenses or vehicle expenses, if applicable.
You'll want to be sure to keep good records of all of your business expenses so you can provide them to the IRS if necessary. Basically, you need to be able to back up the expenses you claim. Here's a great IRS resource you can refer to for more information:
Any costs you enter on the Schedule C screens will be deducted from your total business income, and the resulting amount is what you report as self-employed income on your tax return. The software will generate the necessary forms and will include them with your tax return, based on the information you provide.
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thank you very much Henry.
