tag:blogger.com,1999:blog-4671719323266887561.post1672392277799582659..comments2023-09-02T06:36:25.453-04:00Comments on MAYHEM: Fiction and Taxesjack wellinghttp://www.blogger.com/profile/06666545887771905191noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4671719323266887561.post-78220148828483637982013-01-11T16:29:00.829-05:002013-01-11T16:29:00.829-05:00Thanks Hart - hope it helps.
I make sure and max...Thanks Hart - hope it helps. <br /><br />I make sure and max out the side income in the form of contributions to an IRA before paying myself, too.<br /><br />I believe you can also stick that income in a 529 plan for sonny boy AND be able to use that money to pay for school without tax consequences to you or the side business. The limit is something over $200 K.<br /><br />At least, that's my pencil plan to deal with the big money. YMMV. [ yes - I'll say to the kiddies you have to go to college in my home state. We have great colleges, law schools, and med schools here.]<br /><br />All the best. <br /><br />jack wellinghttps://www.blogger.com/profile/06666545887771905191noreply@blogger.comtag:blogger.com,1999:blog-4671719323266887561.post-64897839359402553892013-01-11T10:37:01.410-05:002013-01-11T10:37:01.410-05:00This is REALLY good food for thought for me. 2013 ...This is REALLY good food for thought for me. 2013 will be my first year with significant writing income... yes, my 3 book contract had an okay advance, but it was sprawled over the turning in and publishing of the books, so the biggest check I got was $5,100 (the original signing) and there hasn't been much since then. I get a W-2 from my agent, but that just counts it as income, so expenses aren't that easy to sort. I've been thinking I needed to talk to an accountant and get things sorted before things really take off.Hart Johnsonhttps://www.blogger.com/profile/17599570189253229318noreply@blogger.com