Practical aspects of professional writing. TAXES

[Murphy's Stunt Double]

Came across something that I want to ask about. I meet with a writer's group every other Tuesday, and then we go out drinking together. The conversation always revolves around our writing and critiquing each others' work for development's sake. Can I write off my trip to the bar?

[meg_evonne]

as long as the meal or trip are before or after the meeting, I think the answer is yes.  It will go under "meals and entertainment" but you only get to deduct half of the expense.  Further on the receipt you need to put a social security number and the name of the individual with whom you are 'specifically' meeting that particular night.  I also think you need to alternate who is paying what.  You buy the drinks one night, them the next.  Oops, does that make sense?  :-)

We need a CPA.  Anyone know a CPA Dresden fan?

[Murphy's Stunt Double]

Thanks.

We need a CPA.  Anyone know a CPA Dresden fan?

Do they exist? Seems to be one would have to be on the level of a Waldo Butters to pull that off.

[Kathleen Dante]

You can only deduct writing expenses to offset income from writing. If you don't sell anything for money, you've just got a hobby. If you keep really good records, though, and manage to sell something for a hefty payday a few years down the road, you can go back several years (5, I think) and deduct expenses leading up to the sale.

You can deduct expenses even if you don't have income from writing. So long as you have records/proof that you're pursuing publication (rejection letters from publishers/agents, attending writing conferences, etc.) demonstrating an intent to make a profit, you can claim the expenses for up to--I think--3 years without writing income; if you still haven't sold after that, then the IRS may classify your activity as a hobby.

[Kathleen Dante]

I have used two overseas trips and luckily nothing triggered.  You only get to write off one day plus travel, (which is the most expensive day your are there of course) but if one were a writer there surely would be the excuse of research? :-)

If the trip isn't 100% business, you have to prorate the travel. I seem to remember some convoluted equation to determine how much of the plane fare can be deducted. Me, I just take the coward's way out and use the Schedule C-EZ.