Heart of Denver’s February Program: Untangling Taxes for the Writer


Heart of Denver Romance Writer’s February Program: Untangling Taxes for the Writer*
Saturday, Feb. 20th

10:00: Meet and Greet!*
10:30: Workshop: **Untangling Taxes for the Writer: From the Basics to the Nitty Gritty*

SouthGlenn Library — *beautiful new location!
6972 S. Vine St, Centennial CO

In the first half of the class, we’ll be talking about tax basics and information that may be helpful for the beginning writer. In the second half of the class, we’ll go into more detail about deductions and tax information for the more advanced writers.

*Tax Basics for Writers*

This workshop is designed to familiarize writers with potential tax benefits related to their writing business. One of the most common misperceptions among writers is that if they aren’t making any money, they don’t need to learn about taxes. Or that they don’t have enough expenses to deduct. This isn’t necessarily true. Many writers are missing out on incredible tax savings and benefits by failing to recognize their writing as an important piece of their income tax situation.

Topics include:

-How do writing business taxes work anyway?

-The Hobby Loss Rule: Myths and Realities

-Basic tax planning and structure

-Deductions and expenses

-Keeping tax records organized

-Balance due strategies

*Advanced Tax Strategies for Writers*

The good news about a writing business is that in comparison to many other businesses, it costs very little money to run. The bad news is that once a writer starts making a profit, finding deductions to minimize the tax impact can be challenging. This class is designed to help writers who are making a profit find deductions that may lower their tax bill.

Topics to be discussed include:

-Expenses, expenses, expenses… are you taking them all?

-The home office deduction: Making it work for you

-The ins and outs of automobile expenses.

-Taking care of you: Planning for your future

-Paying your taxes

Presented by Danica Favorite-McDonald*

**A dedicated professional in the publishing world, Danica Favorite-McDonald works as an online moderator for a major publisher where she connects readers and writers with new fiction releases. A recovering tax preparer and instructor for a big-name tax preparation firm, Danica understands the complexities of tax law and seeks to help people keep as much of their hard earned money as possible-legally.

As a writer, she understands the tax issues specific to writers. More importantly, she puts a face to the mass of numbers that conflict with the creative mind. With four active kids, a devilishly handsome husband and insane dog, Danica’s never short of inspiration when it comes to writing characters for her latest book. She and her family make their home in Denver, Colorado, where they enjoy the mountain lifestyle with the comforts of the city. Learn more about her at: _www.danicafavorite.com


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