She talked about (get ready for it) BOOKKEEPING (groan). She knows how much we creative-types love that subject, but she reminded us that we need to do it 1) for taxes, and 2) so we know whether or not our business actually made a profit. Like Donald Trump’s Atlantic City casino, she said, you can make lots of money and still not have enough profit for your business to be viable.
She talked about what is and is not deductible on your taxes and gave us tips on apps and techniques for not letting the whole process overwhelm us.
If you missed this informative meeting (or just couldn’t take it all in at one sitting!), check out Carol’s book Business Tips and Taxes for Writers or listen to her podcast Dollars and Sense.
And join us for next month’s meeting when brainstorming guru Michelle Lim will take us through some craft basics.