Writing and Money Episode 19: Should You Become an LLC?

In which I list the pros and cons of becoming an LLC, and offer my advice. Remember: I am neither a lawyer nor a CPA, so you might want to consult both of them as well!

I should clarify what I mean by “the IRS counts all your LLC earnings as your income even though you can only take a distribution:” Let’s say you are a freelancer who incorporated as a single-member LLC and you earned $50,000 in freelance earnings. Let’s also say that you took $40,000 of those earnings as a distribution, which means that’s the money that went from your business bank account to your personal bank account and got put towards rent and food and stuff. The other $10K stayed in your business bank account and was either spent on business expenses or saved for future business expenses.

At the end of the year, the IRS will tax you on the entire $50K (minus expenses/deductions/etc. etc. etc.) even though you only paid yourself $40K. That’s what I mean by “it’s all your income,” even though you’re also supposed to keep your business income separate from your personal income.

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Writing & Money Episode 16: How to Self-Publish

How do you turn a file saved on your computer into AN ACTUAL BOOK? How do you get that book on Amazon? Or in bookstores? What about libraries?

This episode takes you through the process of publishing your book and getting it out into the world.

You might also want to listen to the episodes Why Self-Publish? and Talking to Dana Kelly about “Your Book, Your Brand.”

Here are two more resources I mention in the podcast:

Also, when I started writing the show notes, I found out that Amazon might be phasing out CreateSpace in favor of offering a new “print-on-demand paperback” service through Amazon Kindle Direct Publishing. (This industry changes so quickly!) The basic information in the podcast should still apply!

Writing & Money Episode 13: Let’s Talk About Taxes

It’s almost Tax Day! But since most of us have already done our 2017 taxes, this episode is all about how freelance taxes will change in 2018.

I mention TaxAct a few times, as well as the articles TaxAct sponsored on The Billfold. If you’re interested in those articles, here they are:

You should also read this article I wrote for The Freelancer, which covers 2018 tax changes as they relate to both sole proprietors and incorporated freelancers: Should Freelancers Incorporate in 2018?