Expenses are even harder to figure out at the end of the year if you haven’t been keeping track of them all along. How much did you spend to have your book cover on that blog? How much to did you pay in postage to mail that swag to readers? How much did the swag cost? What about that conference you went to in April? Keeping track of them as you go along or, at the very least, in a quarterly round up will help keep things from slipping through the cracks and make your life a lot easier come the end of the year.
Which leads us to the reason keeping track of your income and expenses is so critical…
Taxes! Sure you want the satisfaction and validation of making a profit on your writing, but you also have to make an accurate reporting to the IRS or risk penalties and interest and general misery. And I don’t know about you, but I certainly don’t want to give the government more of my money than I have to. Hence, don’t leave out any legitimate expenses from your records!
Happy organiz
ing!
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