Accountants For Writers & Authors | Creative and Numbers

Accountants for Writers

You weave magic with words, transporting readers to new worlds and igniting their imaginations. But the business side of being a writer can feel like a foreign language. Advances, royalties, taxes, and budgeting can quickly turn into writer's block of a different kind.

That's where Creative and Numbers, who are specialist accountants for writers come in. We'll help you navigate the complexities and keep your finances organised, so you can focus on building a successful writing career.

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Amplify Your Success with Streamlined Accounting Services for Writers

Don't let financial worries dim your creative spark. Our specialised accounting for writers service is designed to empower your writing journey, freeing you to create with confidence. Here's how we can help:

Financial Clarity
Informed Decision-Making
Simplified Tax Season
Peace of Mind

Custom Solutions for Every Writer

Whether you're a debut novelist, a seasoned freelancer, or a self-publishing entrepreneur, we have the expertise to meet your needs. Here are some of the services we offer as accountants for writers:

Bookkeeping & Payroll
Tax Preparation & Planning for Writers
Streamlined Expense Tracking
Financial Insights
Business Entity Formation

Your Words, Our Expertise

We believe that writers deserve financial freedom to pursue their passion for storytelling. We're more than just number-crunchers – we're your dedicated partners, invested in your literary success and financial well-being. Our mission is to empower you to:

Free Yourself from Financial Stress
Focus on Your Craft
Build a Sustainable Writing Career

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The Basics of Bookkeeping and Accounting for Writers

Track Your Income

Meticulously record income from all your writing endeavors. This includes book advances, royalty payments (traditional and self-publishing), freelance writing gigs, grant awards (if applicable), and any other revenue streams. Utilise separate accounts or spreadsheets to categorise your income for easier analysis.

Document Your Expenses

Track all business-related expenses associated with your writing career. This includes research materials (books, subscriptions), software subscriptions (writing software, editing tools), conference fees, travel expenses for research trips or author events, marketing and promotional costs for your books, and home office expenses.

Organise Your Records

Develop a system (digital or paper-based) for categorising and storing receipts, invoices, and online payment records. Consider using cloud storage solutions for secure and accessible record-keeping.

Choose Accounting Tools

Explore accounting software designed for freelancers or small businesses to simplify bookkeeping and automate tasks like expense categorisation and income tracking. Many offer mobile apps as well

Understanding Key Financial Terms

Familiarise yourself with basic tax concepts relevant to authors, such as estimated taxes, self-employment tax, and deductions specific to writers. Online resources and educational materials are readily available to improve your financial knowledge.

Set Aside Time for Bookkeeping

Dedicate time each month or quarter to review your income and expenses. This helps identify areas for potential cost savings, track progress towards financial goals, and ensure you're on track for tax season.

The Power of Smart Financial Management for Writers

Data Driven Decisions

Analyse your income and expenses to see which writing projects and revenue streams are most profitable. Use this data to inform your writing focus, pricing for freelance gigs, and marketing strategies for your books.

Budgeting for Success

Create realistic budgets for various aspects of your writing career, including marketing expenses for book launches, travel costs for author events, and potential investments in writing resources or professional development.

Negotiation Skills

Learn to negotiate effectively when securing book deals or freelance writing contracts. Research industry benchmarks for author advances or freelance writing rates to ensure you're getting fair compensation for your work.

Diversify Your Income Stream

Explore multiple revenue streams beyond just book royalties. Consider freelance writing for publications or websites, offering online writing courses or workshops, or self-publishing additional books to create a more robust income flow.

Invest in Your Craft

Allocate a portion of your earnings towards professional development and honing your writing skills. This could include attending writing conferences, enrolling in online writing courses, or hiring a writing coach to elevate your craft and potentially unlock new writing opportunities.

Financial Planning for Writers

Set clear financial goals for your writing career, such as saving for a sabbatical to focus on a new book, building a retirement fund, or creating a financial safety net. Develop strategies, like investing or utilising tax-advantaged retirement accounts, to achieve these long-term financial aspirations.

What expenses can be deducted for Writers?

Home Office Expenses

If you dedicate a specific space in your home for writing, a portion of your rent or mortgage interest, utilities and home office supplies can be deducted as a business expense.

Research & Writing Materials

The cost of books, online subscriptions to research databases or writing journals, and other reference materials used for your writing projects are deductible expenses.

Computer Equipment & Software

The cost of computers, laptops, writing software, editing software, and other essential writing-related software are deductible business expenses. Remember to consider depreciation rules for equipment.

Professional Development Expenses

Expenses for attending writing conferences, workshops, online writing courses, or hiring a writing coach to improve your writing skills are all considered tax-deductible business expenses for writers.

Business Travel

Did your research trip to a historical site or that writer's conference spark inspiration for your next novel? Travel expenses for research trips, author events, or conferences relevant to your writing career can be deducted, including transportation, accommodation, meals (with proper documentation), and registration fees.

Marketing & Promotion Costs

The launch of your book is just the beginning! Expenses for marketing and promoting your published works, such as website maintenance, social media advertising, book launch events, author website development, and even business cards, can be deducted as advertising expenses.

Accountant Expertise for Writers

In-Depth Knowledge of Writer Taxes

As expert tax accountant for writers, we stay up-to-date on tax laws specific to authors, ensuring you claim all eligible deductions and credits for book advances, royalties (traditional and self-publishing), freelance writing income, grants, and other writer-related revenue streams.

Expertise in Multi-Income Streams

Whether you're juggling book royalties, freelance gigs, or venturing into self-publishing, we understand the unique tax implications of these diverse income sources. We'll help you categorise your income accurately and maximise deductions for expenses associated with each revenue stream.

Strategic Tax Planning for Your Writing Career

Beyond just tax preparation, we develop proactive tax strategies throughout the year to minimise your tax liability. This includes guidance on estimated tax payments, optimising business expenses for deductions, etc.

Streamlined Expense Tracking & Reporting

We'll provide user-friendly systems and tools to simplify expense tracking throughout the year. This ensures you don't miss out on deductions come tax time and provides valuable insights into your writing career's financial health.

Representation Before Tax Authorities

In the rare case of an audit, you'll have peace of mind knowing we can support you before tax authorities. We'll support for your rights and ensure a smooth resolution, allowing you to focus on your writing with confidence.

Personalised Tax Solutions

As expert tax accountants for writers, we combine accounting expertise with a deep understanding of the writing industry. This allows us to tailor financial strategies specific to your genre, writing style, and chosen publishing path.

What Our Clients Say

Ellie Botwood, Bot Inc PR, Branding and Sales Consultancy in Advertising, Film and Art

I’ve had my own business for the past 6 years and I’ve always struggled to keep on top of my accounts and invoices. Creative and Numbers have been imperative in helping me get back on track and taking away a lot of the headache so I can concentrate on what I’m good at. During the Covid-19 crisis, they provided knowledge, insight and advice in what was a really scary and precarious time. Sometimes there’s nothing quite reassuring than hearing it will be OK and we will get it sorted. I’m very grateful I found them when I did!

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