Yes, it’s true … if you are a professional writer or screenwriter in New York, Los Angeles, Pasadena or Hollywood, you are a small business owner!
Being a working writer of any type is a childhood dream come true for many. As a professional writer you oversee your schedule, can work from anywhere and explore and create content that excites you. But make no mistake: Writers are small business owners too.
And just like any small business owner, you are responsible for bookkeeping, tax accounting, tracking expenses, filling out paperwork, tax planning for writers, and complying with city, state, and federal tax codes for working writers.
These necessary tasks are not only mundane and noncreative, but they are also overwhelming and stressful to many of my clients who are professional writers in New York, screenwriters in Los Angeles or copywriters in Hollywood, and Pasadena.
Maybe you have spent years getting by and managing just the basics of your financial planning, enough to get through your tax appointment and chase a vision of IRS audit monsters with few or many glasses of wine. I understand because I’m a tax accountant for writers.
Entertainment Accounting for writers is our specialty. One of the biggest areas of focus are the issues that are important to you and how to avoid costly financial mistakes.
Here are three steps you can take right now:
1. Create a chart of accounts that organizes your financial information.
2. Learn how to properly maintain your Loan Out S-Corporation
3. Develop a working relationship with a tax accountant
There are a lot more chapters to your financial story. We’re here to help you write them!
