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I'm not sure if this is the correct place to ask, but is anyone else trying to do federal taxes with a Schedule C - the business being their self publishing business? I've run into a couple of questions related to the writing business that have me stumped and it would help to compare notes with someone else.

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I'm UK-based, so can in no way help. However, I got an accountant this year to help make sure I start my indie publishing business on the right track, and I can't emphasise enough the peace of mind I have had since then. I would strongly encourage anyone doing this as a business to at least speak to an accountant, even if you don't intend on engaging one long-term.

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If you are running it like a business then you can file your loses on schedule C.

You can only claim loses for three years; after that they consider it a hobby.

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Shouldn't need an accountant to help me -the questions are pretty basic. I can't seem to figure out what code fits to describe a self-publishing business. Second, how do you account for books you give away (with the hopes for a review) and 3rd, classes and books you get for improving your writing skills - do those go under legal and professional fees or other?

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I can't answer all of those, but this site is for the basics of accounting and bookkeeping. It should give you a good idea of how to label assets, marketing expenses and so on. Plus it's free! 

https://www.accountingcoach.com/

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https://turbotax.intuit.com/tax-tips/self-employment-taxes/tax-tips-for-freelance-writers-and-self-published-authors/L1v0lGVru

 

Here is a good overview of what to do. Turbo Tax will guide you through it step by step.

 

It is not that hard. Just keep good records. AND if you make a mistake, don't worry about it, the IRS will help you when you get audited. Being Audited is not scary. If you make an HONEST mistake, you will just have to pay what you were suppose to in the first place. If you intend fraud then there will be penalties. 

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1 hour ago, Sibermom65 said:

I can't seem to figure out what code fits to describe a self-publishing business.

I believe there is a code for businesses that don't fit in a specific category.  I thinks it's something like 999999.

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1 hour ago, Sibermom65 said:

3rd, classes and books you get for improving your writing skills - do those go under legal and professional fees or other?

I'd put them under other :)  Most of the time, legal and professional fees is used for things like the money you pay to an accountant or lawyer.

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3 hours ago, HK1 said:

I believe there is a code for businesses that don't fit in a specific category.  I thinks it's something like 999999. 

Found it! The code is 711510. It's listed next to the performing arts codes.

 

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