On the first Monday of each month, Gary offers advice regarding the business side of writing.
Self-employed writers, illustrators, editors, researchers and others in the publishing world are allowed to deduct the expenses related to their income-generating business activity on Schedule C. Two of these expense categories are dues and subscriptions.
Dues to local, state and national professional organizations are deductible on Schedule C. For instance, I am a member of the National Association of Independent Writers and Editors (NAIWE) and I take a deduction for my membership fee. Dues to the chamber of commerce, business leagues, trade associations, and civic organizations are also deductible.
Subscriptions to business and professional publications are deductible. However, if you are on the cash basis (which most of you are) and prepay subscriptions for longer than one year (you buy and pay for a three-year subscription to a trade paper or magazine this year), you should deduct the amount for one year in the current year and an allocable portion of the subscription cost in each succeeding year.
Gary A. Hensley is a 35-year veteran in accounting, auditing, and federal taxation including employment as a Revenue Agent with the IRS (2005-2011). He has been a workshop instructor on the business side of writing. Publications include: Writer’s Digest, Christian Communicator, and Writers Journal. Gary writes at: www.taxsolutionsforwriters.com.