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Deadeye1985
December 15, 2024
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Tax Deduction for Author

  • December 15, 2024
  • 1 reply
  • 0 views

Is there anyway to deduct the estimated value of the time you dedicated to writing, copyrighting and publishing a book for sale and to generate revenue for an LLC?

Talking about a BOOK here, not a work of fiction but a work that entailed hours and hours of research and work to produce and for which the profits/sale proceeds went directly to an LLC with an EIN.

Any thoughts, help, guidance would be appreciated. Thanks.

Deadeye

Best answer by Rainflurry

@Deadeye1985 

 

There's no deduction for your time because it didn't cost you anything (you didn't pay yourself).  Costs such as buying books or paying a researcher are deductible. 

1 reply

Rainflurry
RainflurryAnswer
December 15, 2024

@Deadeye1985 

 

There's no deduction for your time because it didn't cost you anything (you didn't pay yourself).  Costs such as buying books or paying a researcher are deductible. 

    D
    Deadeye1985Author
    December 16, 2024

    Thanks for the reply Flurry, I was afraid I would be out of luck on the tax situation. It would seem that, other than the personal satisfaction derived from the challenge of writing and hopefully receiving meaningful profit from publishing it, there is little to recommend becoming an author. 

     

    Thanks again and Happy Holidays!

     

    Deadeye

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