Sunday, January 11, 2015

A Step in the Write Direction--January 12, 2015--More Tax Tips for Writers

A Step in the Write Direction
January 12, 2015

Update: Great news this week: My granddaughter is being hired as a “para-pro”—an assistant teacher with special ed children, and my son-in-law is now on staff at a church just 15 miles from their home….Wives, has this happened in your home? Your husband asks you what you want to watch on TV and, to be nice, you say, “Whatever you want, dear.” So he turns on a program (that you don’t like) and then he promptly falls asleep, so you sneak over to change the channel. This reminds me of times that we tell God, “Whatever You want me to do,” and then when He calls us to a particular job, we want to sneak over and change His channel! My prayer this year is to stay with the program He chooses!

Thought for Today: “The plans of the diligent lead to profit” (Proverbs 21:5).

Song for Today:
Just when I need Him, Jesus is near.
Just when I falter, just when I fear;
Ready to help me, ready to cheer,
Just when I need Him most.
            “Just When I Need Him," William C. Poole

Laugh for Today:
My mom taught me:
 Religion: “You better pray that comes out of the carpet.”
Logic: “Because I said so, that’s why.”
Irony: “Keep crying and I’ll give you something to cry about.”
Wisdom: “When you get to my age, you’ll understand.”
Justice: “One day you’ll have kids, and I hope they turn out just like you.”

More Income Tax Tips for Writers (Schedule C):
Line 13, Depreciation. This is too complicated a subject to cover in this chapter, but basically if an item has a useful life of over a year, it can be depreciated over a period of time or, if you choose, in the first year of purchase. You will complete Form 4562 for this. (See www.irs. gov for a list of booklets concerning depreciation.)

Line 15, Insurance (other than health). This line covers insurance for a rented office space. (The prorated portion of insurance, mortgage interest, and real estate taxes for a home office is shown on Form 8829.)

Line 16, Interest. Because you can no longer take interest on personal credit cards on Schedule A, you may want to keep one credit card solely for business purchases and deduct the interest on this line. For example, if you have an airlines credit card for business travel, or an account with an office supply store, you can deduct the interest here. These cards can be in your own name or issued under the name of your business.

Line 17, Legal and professional services. Did you pay someone to prepare your taxes last year because of your writing? Did you ask someone to look over a contract? Did you need legal help to collect money due you for a writing project? Deduct this here.

Line 18, Office expense. This is not the same as office supplies. This line is for expenses for your home office or rented office and includes such things as drapes, ceiling fans, and redecorating.

Line 20, Rent or lease. This includes renting an office or business machine. However, if you rent an item and later purchase it, you need to amend this year’s return and show depreciation. You also show on this line if you rented a post office box or a safety deposit box for your business papers.

Line 21, Repairs and maintenance. This covers any repairs to your machines, as well as a maintenance agreement you purchase for a computer, copier, or printer.

Have a good week spreading the
gospel through the printed page.

Donna Clark Goodrich

·           A Step in the Write Direction—the Complete How-to Guide for Christian Writers (with assignments throughout); original copies now on sale for half-price--$12.50, $3.17 s&h)
·          The Freedom of Letting Go (with discussion questions; can be used in S.S. class or small group); original copies without questions now on sale for half-price--$7.50, $2.69 s&h)
·          Healing in God’s Time (story of Dave Clark, songwriter of 25 songs that have gone to #1 on the charts); was $15; now $10, $2.69 s&h)
·          The Little Book of Big Laughs (105 purse/pocket-size book of clean jokes)--$5; up to 4 for same s&h—$2.32
·          Preparing Your Heart for Christmas (31 Advent Devotions) half-price—$5
·          Michigan and Ohio Cookbooks; half-price $5 each, plus s&h (depending on number ordered)
·          100-Plus Motivational Moments for Writers and Speakers – half-price $5, $2.69 s&h
·          Grandmother, Mother, and Me Anthology (stories, poetry, and recipes);
·          Grandfather, Father, and Me Anthology (stories, poetry, and recipes)
·          Celebrating Christmas with…Memories, Poetry, and Good Food
(above three anthologies now half price--$12.50, $3.17 s&h)




 

No comments:

Post a Comment