I suppose this is the back end of the whole publication process: Money and Taxes.
My writerly income this year has been nice. I can’t complain. I raked in about $4800, which for me is Big Bucks.
But J! you say…you sold two books! Did anyone actually think that would make me rich? Uh, no.
(I should point out here that my genre isn’t one of the ‘hot’ ones like YA or Urban Fantasy. And I’m not some super-hot writer over whom the various publishers are fighting. And the contract I do have? It spreads the advance payment for the two books over three years (which I think is pretty normal.) And my agent’s cut (well-deserved, I must point out) comes out of that. )
30% of my income this year came from royalties on ebooks and previous publications, as well as a reprint in a ‘best of’ anthology.
On the other end, I went to three cons this year which promptly ate up every bit of income I had. WorldCon in Chicago was especially expensive, because I purchased plane tickets to get there.
I completed working on my taxes yesterday afternoon. I didn’t have much to do since this last quarter had little activity–I try to organize paperwork and tax stuff immediately after a con, thereby not letting it build up on me. For tax purposes, I only claim expenses for which I have receipts. Fortunately, I’m rather attentive to those in the first place….except that I can’t find any of my meal receipts for FenCon. I’m sure they’re all still together, neatly paper-clipped….I just don’t know where they’re being together.
The lessons to be taken away from this?
1) Don’t wait until the end of the year to do everything. (Or April 15th.)
2) Don’t expect to get rich fast. A book sale isn’t a guarantee of wealth.
3) Keep your records organized, and do what you can ahead of time.
4) Try not to lose your receipts from FenCon.
FYI: My first year as a writer was 2005, where I made $25….so this is a vast improvement