Need More Expenses to Pay Less in Taxes? Here’s What You Need to Know!

December 17, 2019

It’s that time of year again, and no, we don’t mean the time you start planning your resolutions. It’s tax season — one of the most difficult seasons of all. But it doesn’t have to be! You might even be paying more in taxes than you need to. A lot of us don’t realize the expenses we can write off. Here’s what you need to know!

You Could Always Buy A Jet

Maybe buying a jet isn’t the best option for you, but it was for one man named Grant Cardone. He ran into a little tax problem and realized he made too much money and didn’t have enough expenses, though having a high tax bill to pay. So, what did he do? He bought a 50 million dollar jet! This isn’t a feasible option for most of us, but the principle applies — include your expenses in your taxes and see the results. 

Author Expenses and Options

Did you know you could count your expenses as an author on your taxes? Well, you can! It’s part of your business after all. You have to claim the money earned on book sales, so why not claim the expenses? This includes hired help, such as your editors, formatters, and publishers. You can also write off expenses such as office equipment, software such as Adobe Suite, and more! For a more in-depth list, visit Microsoft’s article on the subject. 

Tax Tools and Other Information

If you’re unsure of what you can claim, we suggest visiting a tax professional and letting them know about your author expenses. Other great tools include Intuit’s TurboTax, which has a great message board and FAQ resources. Another great resource in the Self-Employed section of the IRS’ website, which you can access here!

 

Don’t let tax season stress you out. With this information and the resources above, you’re prepared to file your taxes properly and efficiently, even if you can’t buy a jet! 

 

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