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Gary Hensley wrote a new post, 2012 Year-End Tax Reductions: Business Meal Allowance, on the site Gary Hensley 4 months, 3 weeks ago
One of the most valuable tax-busting deductions seems to be hiding under the mushroom of business inexperience. When I review this deduction at a writers’ workshop, ranging from novice to established writers, […]
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Gary Hensley wrote a new post, State Income Tax Refunds…Taxable? Yes, No, and Partially So!, on the site Gary Hensley 5 months, 1 week ago
Your state income tax refund could be fully taxable, partially taxable or not taxable at all. Read more to determine your situation at http://wp.me/p2KKzz-7B.
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Gary Hensley wrote a new post, Taxation and those Out-of-State Speaking Fees, on the site Gary Hensley 6 months ago
States Hungry for More Revenue
If part of your income derives from speaking engagements around the country, listen up! Those states in which you physically appear and which have a state income tax want to […]
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Gary Hensley wrote a new post, Free Webinar – Tax Solutions for Writers & Illustrators, on the site Gary Hensley 6 months, 1 week ago
Join tax expert Gary A. Hensley as he introduces published and non-published writers and illustrators to the basics on how to manage their taxes. Gary A. Hensley, BBA, MBA is a 35-year veteran in the fields of […]
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Gary Hensley wrote a new post, Schedule C-EZ: Do You Qualify?, on the site Gary Hensley 6 months, 2 weeks ago
You may use Schedule C-EZ instead of Schedule C if you:
Had business expenses of $5,000 or less.
Use the cash method of accounting. (See “Cash Basis” post).
Did not have an inventory at any time during the […] -
Gary Hensley wrote a new post, Retirement Savings Equals Tax Savings, on the site Gary Hensley 6 months, 3 weeks ago
A Plan for Sole Proprietors to Reduce Income Tax
So, you have had a great year in the publishing world and even after maxing out your operating expenses, you are still showing a tidy profit. What to do? […]
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Gary Hensley wrote a new post, Self-Employed Professionals and Foreign Income, on the site Gary Hensley 6 months, 3 weeks ago
If you are a United States citizen with income from sources outside the United States (foreign income), you must report all such income on your tax return unless it is exempt by United States law. This is true […]
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Gary Hensley wrote a new post, Writers and Foreign Travel Expenses – Part 1, on the site Gary Hensley 7 months ago
Entirely on Business
If you travel abroad entirely on business as a writer, author, illustrator or literary agent, all of your travel costs are deductible; however, meal and entertainment costs are still […]
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Gary Hensley wrote a new post, Writers and “Deductible” Health Insurance, on the site Gary Hensley 7 months, 1 week ago
Another Confusing Issue
This post is directed to self-employed writers, editors, illustrators, researchers and others in the publishing industry that file a Schedule C as part of their annual tax return (Form […]
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Gary Hensley wrote a new post, Writers: Stop Losing Money – Use This Fee Formula, on the site Gary Hensley 7 months, 2 weeks ago
By Gary A. Hensley
This post is directed to those writers, editors, illustrators, and others who are asked to submit a quotation for an assignment after the requirements and due date have been outlined (or, […]
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Gary Hensley wrote a new post, Writers and the Self-Employment Tax, on the site Gary Hensley 7 months, 2 weeks ago
Once your self-employment income as a writer, editor, illustrator or researcher shows a profit on Schedule C, that income will be subject to federal income tax and self-employment tax. It is not unusual for a […]
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Gary Hensley wrote a new post, Expenses for Writers: Dues and Subscriptions, on the site Gary Hensley 7 months, 2 weeks ago
Self-employed writers, illustrators, editors, researchers and others in the publishing world are allowed to deduct the expenses related to their income-generating business activity on Schedule C. Two of these […]
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Gary Hensley wrote a new post, Use These Six Digits to Avoid Contact with the IRS, on the site Gary Hensley 7 months, 3 weeks ago
That’s right! These six numbers – 711510 – will help you avoid contact with the IRS. Why? Read on.
As an independent author, editor, illustrator, researcher or writer, you will most likely file a Schedule […]
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Gary Hensley wrote a new post, Speaker at Midwest Writers Workshop 2012, on the site Gary Hensley 7 months, 3 weeks ago
Gary A. Hensley was a speaker for two workshops at the annual Midwest Writers Workshop on July 26-28, 2012 at Ball State University in Muncie, IN.
Gary’s two workshops were “Four Tax Forms Every Writer Should […]
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