By Brigitte Thompson
Bookkeeping Basics for Freelance Writers is a wonderful book for those that are, or thinking of becoming freelance writers. This book covers getting started, recording income, business expenses, business use of your home, automobile deductions, entertainment and travel, employee versus subcontractor, business management, taxes and audits, blank forms, and resources for your writing business along with a glossary.
Bookkeeping Basics for Freelance Writers covers most of the income reporting and deduction question you may have about running a business out of your home, or even from an out of the home office. Brigitte has even covered the items needed in a business plan you will need in case you decide to apply for a business loan for your business.
The chapter with the forms contains samples of Monthly Income, Annual Income, Monthly Direct Expense, Annual Direct Expense, Inventory List, Indirect Monthly Expense, Indirect Annual Expense, IRS Adjusted Mileage Allowance, Actual Expense, Automobile Registration, Annual Summary, Entertainment Log, Travel Log, Profit and Loss Statement, Accounts Receivable Summary, Accounts payable Summary, and Balance Sheet.
Brigitte also explains the difference between the Cash, Accrual, and Hybrid accounting methods in Bookkeeping basics for Freelance Writers. Business types are also explained, the Sole Proprietorship, S-Corporation, or Partnership. While there are differences in various states, while Brigitte mentions the basics, you may need to visit an attorney or paralegal to find the laws for your individual state.
This book will teach you how you may legally reduce your income tax. Depending on the individual state, you may need to consult a tax professional. This book however, will clue you in to record keeping and more.
This reviewer recommends this book for more than just Freelance Writers. It is awarded a five start rating from this reviewer.