Posted by Nancy J. Cohen on June 5, 2014
In attempting to fill in my tax spreadsheet to bring it up to date, I am muddled in the expenses for self-publishing from back in February. Like, where does the purchase of ISBN numbers fit into the grid? I’ve added line items for my formatter and cover designer, and it took me over an hour to track down those costs and date the invoices for my records. Then there are the bookmarks, postcards, and door hangers I’d ordered. Those go under advertising expenses. But what about the proofs from Createspace that I had printed and mailed? The copies of my book that I bought, and the cost difference compared to the number sold on consignment via bookstores?
Hey, and this doesn’t even include the royalty income. Talk about confusing! Amazon alone sends me five different payments, not including Createspace. And lest you think I am making gobs of money, one of those payments was for thirty-five cents. Barnes and Noble and Smashwords are added to my list. By now, I’ve started a separate sheet just for ebook income, and another sheet that includes all royalty income for the year.
I hope my accountant understands all this when I send it to him. It sure is easier when a traditional publisher sends you a statement and a check. Being an indie publisher means keeping track of all the income streams and expenses yourself.
Do you have any tips to offer? What’s your method?
This entry was posted on June 5, 2014 at 9:21 am and is filed under Business of Writing, Self-Publishing, The Writing Life. Tagged: indie author, indie publishing, Nancy Cohen, self-publishing, writing expenses. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.