Managing your finances can be difficult for anyone, but authors and freelance writers often face unique challenges when filing taxes, saving for retirement, and planning estates.
In this section, we provide you with the tools to manage your finances at any stage of your career.
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Working from home might seem like “living the dream,” but being a full-time freelance writer can be a nightmare if you don’t know how to manage your time and money.
Finally, the day you’ve been waiting for. You are now a published author. It’s time to sit back and watch the royalties roll in. While this may be the happy outcome for some authors, I have yet to meet an author who can easily determine whether the payments on his or her royalty statements are accurate.
EVENTS & RECORDINGS
Money Matters: The Road to Financial Literacy is dedicated explicitly to financial matters as they concern book authors, journalists, and freelance writers. Each session will cover a topic such as understanding royalty statements, forming entities, managing literary estates, freelancer finances, alternative sources of income, what authors can expect to pay for during a book release, and more.
Have questions about managing your taxes for your writing business? In this seminar, Robert Pesce, a partner at Marcum Group LLP covers topics including:
- Federal tax updates
- Record keeping to maximize your business deductions
- Income reporting and understanding your 1099
- Pension plans
- Foreign taxes
- Types of entities
Estate planning, providing for loved ones and distributing money and property according to one’s wishes when he or she one day passes away, is important for all adults. Authors, however, have additional interests to consider, including directing how their books and other creative property will be handled after their death. In this webinar, attorney Edward M. McCoyd will discuss wills, trusts, and other estate planning vehicles, like appointing a “literary executor” or “literary trustee” to manage the copyrights in the author’s estate,providing for the administration of websites, social media pages, and other digital assets, exercising of statutory rights to terminate copyright grants after an author’s death, and the potential role organizations like the Authors Guild play in managing an author’s literary legacy. Panelist: Ed McCoyd
Last but by no means least in our Emerging Writers series with Electric Literature and The Center for Fiction was a subject of vital importance—managing finances. Offering crucial advice were Jennifer Baker (Minorities in Publishing, We Need Diverse Books,) financial therapist Amanda Clayman (Financial Wellness Program,) and 2015 5 Under 35 honoree Tracy O’Neill (The Hopeful).
Seminar Recording: Tax Tips for Authors
Robert Pesce, a partner at Marcum Group LLP, led a seminar on tax tips for authors. Pesce is head of its New York City Accounting Services department, and a founder of the firm’s Agency Services group, the Technology, Internet, Media, and Entertainment group.