I wanted to title this post All The Little Pesky Things You Have To Do When Running A Business That You Don’t Think About Until You Do It, but I thought that title would be too long. That’s the essence of this week’s post though. I’m sure, as I get further into this business, I will have even more things to add so keep an eye out for more later down the road.
Receipts
Don’t throw them away! Everything you do that can be connected to business costs should be kept for tax purposes. Hotel bills, meals when out doing author activities, supplies purchases, website costs, writer group memberships fees, and so on. If it can be linked to your author career, then keep the receipt.
I keep them in files divided by months until after taxes are done. You may decide to just throw them all in a shoebox. It doesn’t matter. Just keep them.
Mileage
Write it down! Every writing group meeting, conference, convention, etc. It’s all business expenses you can use as a tax write off (for spending more money than you make). I’ll probably be in the latter category for a few more years.
I printed a standard milage sheet from the internet that I keep in my car. Write the destination, the miles to go roundtrip, and the reason for the trip. Any time I’m on business, I write it down and then change the sheet each month. You may choose to write it in a planner or on your phone, but just make sure you keep track of it.
Checks
If your bank account doesn’t include electronic pictures of your checks (my free business checking account doesn’t), keep copies of each check you write. Put the check information in your check register (along with all bank activity), but then also either take a copy or a picture of the check as proof. It’s just an added layer of protection.
I take a picture of each check and save them in a folder on my computer. It’s quick, easy, and gives me another paper trail for my finances.
Final Thoughts
That’s all the insider advice I have for now on business finances. I hope it helps you and gets you thinking about the small aspects of the business side of our jobs. As authors, we have to wear many hats, and it’s hard to learn everything we need to know and keep writing good books. If I’ve saved you any time or hassle, I’ll consider my time spent learning it worth the price.
Thanks for reading!
Write a tale
Leave a trail
0 Comments