Tom Umstattd, CPA
Tom is a Certified Public Accountant who has coached authors, celebrities, and small businesses for over thirty-five years.
Other accountants frequently turn to him with their questions.
Authors typically pay $150/hr for Tom’s tax advice, making this 3-hour course a $450 value!
Tom is joined by his son, Thomas Umstattd Jr., who has coached authors on marketing for over ten years.
Authors often ask him questions related to taxes, LLCs, and other business-related elements of being an author.
Thomas graduated Cum Laude from the University of Mary-Hardin Baylor with a degree in business. He started his first LLC in college and has founded several other businesses.
Don't Get in Trouble on Tax Day
Get answers to questions you didn't know to ask.
In this course, you will learn:
Whether or not you qualify for tax deductions for your writing-related expenses (not all writers qualify).
How to start making a writing income even before your first book comes out. Making extra money helps you qualify for tax deductions!
Whether or not you need to form an LLC. We will also share a cheap and easy way to form an LLC when the time comes.
About 19 different tax deductions authors can take advantage of.
How to reduce your chances of being audited by the IRS.
How to create a business plan for your independent publishing business.
How to avoid common mistakes that often get authors in trouble with the IRS.
- How Tax Deductions Work
- Auto and Travel Expenses
- Computer Expenses
- Health Care Expenses
- Home Office, Crowdfunding and Publishing Expenses
- Meals and Entertainment Expenses
- Research Expenses
- Software & Subscriptions
- Supplies, Services, and Phone Expenses
- Virtual Assistant Expense
- Website and Marketing Expenses
- Introduction (6:40)
- How Money Works (5:49)
- How to be Profitable (8:35)
- How to Make Money With Your Book (9:58)
- How to Make Money With Your Writing Skills (5:29)
- How to Make Money With Your Knowledge (8:05)
- How to Make Money With Your Celebrity (9:49)
- How to Make a Gross Income with Tom Umstattd CPA
- Bonus Author Income Strategies
- Bonus: How to Develop Multiple Streams of Money from Your Writing Career (58:33)
- Bonus: Yes, YOU Can Make a Living as a Writer, Here’s How (49:48)
- What filing status applies to you? (4:22)
- Who can you claim as a dependent child? (2:32)
- Who can you claim as a dependent relative? (1:48)
- What Tax Documents Do You Need To Save? (2:28)
- Standard Deduction vs. Itemized Deductions (1:39)
- What do you do if you get a letter from the IRS? (1:48)
- How do you know if it is the IRS or a Scam? (3:14)
- What do you do if the IRS knocks at your door? (3:57)
- How does being a freelancer change your taxes? (2:12)
- How to Save Money on Your Taxes. Business Expenses (2:59)
- Which expense only counts for half a deduction? (2:12)
- Top 5 Tax Documents You Need to Save (4:45)
- How To Do Your Own Bookkeeping (4:35)
- What could be your biggest deduction? Magical Mileage (2:50)
- Home Office (3:03)
- Home Office Expenses (2:06)
- How to Avoid IRS Penalties (3:20)
- How to Fill out a W-9 & Void Backup Withholding (2:36)
- How to know if you are required to file 1099’s? (3:41)
- What is an LLC? Taxation (5:32)
- Business or Hobby? (5:08)
- What kind of entity is better for you? Schedule C vs. S-Corp (3:55)