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Dry Roses and Diary

Author Resources: Accounting & Taxes

I never thought I'd be using my degree quite like this...but here we are. Let's talk about your accounting systems, including tracking your income and expenses, handling your annual income tax filing, and if you end up selling anything direct, how to handle sales tax.

If you're skipping around and haven't checked out my legal entities post yet, please go start there. Like before, this post is based on US tax law. If you're in another country, I'm very sorry, but this is likely not going to help you.

We're just jumping right in, because if I keep putting this off with sweet platitudes, we're gonna be here all day. This is gonna suck. Just embrace it. You gotta do it.

Accounting for Income and Expenses

As soon as you've decided you're going to make a go of things, and you're determined to make it successful, I highly recommend setting up a separate bank account for your business stuff. As with all of my recommendations, you don't have to, but it will make things easier in the long run.

But, how do I start a business bank account if I haven't made any money yet? That's okay, just set it up, maybe put like $50 in it and let it chill for a bit. We'll get there.

Unless you're planning to self-publish for free, you're going to spend some money. Track all of it. Keep receipts. Keep contracts. Make a folder in your email and stick everything in it. If you're an analog girlie (note: girlie is a gender-neutral term in this instance), print them out and stick them in a folder. But you better keep it all.