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Marketing Loft [Public] / Re: 8K books in one year, really?
« Last post by LilyBLily on Today at 07:51:58 AM »Barbara Cartland stole lots of story ideas and some actual text, much of it--and one entire story in particular--from Georgette Heyer. Still, I enjoyed reading Cartland, and there were a couple of her books that resonated with me as very poignant. I always have wondered where she stole those particular stories from. Maybe with all the plagiarism checkers that exist today I could find out--that is, assuming the books she stole from ever got online. They would still be under copyright at the moment, although give it another ten years and maybe not.
As for writing being a business, there are a couple of other considerations.
1. If I want to deduct business expenses, I must never claim this is a hobby. The IRS would love to refuse all my expenses if it could, Schedule C being one of the biggest personal boondoggles available to individual taxpayers.
2. Lots of authors take an extremely cavalier attitude toward record keeping, proper business tax filings, and so on. They need to be reminded to conduct this as a business.
As for the rest, the IRS does not require us to be smart business owners and make a profit. After all, 90% of new businesses fail. Or is it 99%? The IRS would prefer us to make a profit, but that three years out of five rule is pretty much a canard. It helps to show that we had some income, though. That we at least tried, however ineffectually, to make a profit.
As for writing being a business, there are a couple of other considerations.
1. If I want to deduct business expenses, I must never claim this is a hobby. The IRS would love to refuse all my expenses if it could, Schedule C being one of the biggest personal boondoggles available to individual taxpayers.
2. Lots of authors take an extremely cavalier attitude toward record keeping, proper business tax filings, and so on. They need to be reminded to conduct this as a business.
As for the rest, the IRS does not require us to be smart business owners and make a profit. After all, 90% of new businesses fail. Or is it 99%? The IRS would prefer us to make a profit, but that three years out of five rule is pretty much a canard. It helps to show that we had some income, though. That we at least tried, however ineffectually, to make a profit.