I'm a new author, and my book will be published most likely before the end of this year. My concern is the amount of money I would need to reserve to pay taxes. How much money does an author need to make before he pays taxes, or does he pay regardless?
I want to start an LLC, and I wanted to know if business saving or business investing can be considered an operating expense, considering you need to put money back for future maintenance on building or invest in better equipment.
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Answered by: James F. DiFilippo, CPA, is the owner of DiFilippo & Company CPAs in Toughkenamon, Pa.