Do I need a tax ID to publish a book?

Make Sure You Have a Tax ID Number Before you make your eBook available to the public, make sure you have a tax identification number. If you have a Social Security number, you're good to go. If you don't live in the U.S., you'll need either a: Temporary tax number (TIN)

turbotax.intuit.com - A Tax Cheat Sheet for Kindle eBook Self-Publishing - TurboTax - Intuit

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OVERVIEW

You’ve done it. After months—maybe even years—of dedication and an encounter or two with writer’s block, you’ve finished your eBook. You've heard that self-publishing for Amazon’s Kindle is a breeze, so you go to their website and click “submit.” Within a day or so, your eBook is available for purchase. Just like the self-publishing process, reporting eBook profits to the IRS is just as simple if you know what to do. Make Sure You Have a Tax ID Number Before you make your eBook available to the public, make sure you have a tax identification number. If you have a Social Security number, you’re good to go. If you don’t live in the U.S., you’ll need either a: Temporary tax number (TIN)

Employer identification number (EIN)

Individual taxpayer identification number (ITIN) from the IRS Your country must also have a tax treaty with the U.S. If you don’t get a Tax ID number, Amazon will typically withhold 30% of your eBook proceeds for U.S. taxes. When It’s Time to File Usually, Amazon won’t withhold any of your eBook’s earnings if you have a tax ID or Social Security number, so you’re personally responsible for paying what you owe to the IRS. The IRS considers writers to be small business owners, so you report earnings on Schedule C. Take deductions from this income on Schedule C for expenses you incurred while writing your book. Tax deductions reduce the amount of income on which you’ll owe taxes. For example, if your book earned $15,000 this year in royalties, but you spent $3,000 this year to produce it, you would only have to pay taxes on $12,000 of that income. For example: $15,000 in royalties

Minus $500 for Internet services

Minus $500 in travel expenses

Minus $2,000 in interview expenses

$15,000 – $3,000 in expenses = $12,000 in book income You may also have to pay self-employment tax on this income if you earned $400 or more after expenses. If your eBook is a one-shot deal—in that you don’t intend to make a career out of writing—instead of using Schedule C, you can report any royalties earned on Schedule E. Report your earnings this way, if your writing isn’t an ongoing small business. Whether you use Schedule C or Schedule E, the resulting calculation is then transferred to Form 1040. A Loss Can Offset Other Income If, after completing Schedule C, you realize that you spent more this year producing your book than it has earned, you likely have a business loss. You can typically deduct this loss from other sources of income—such as other work—reducing the amount you must pay taxes on. You may have to prove to the IRS that your writing is a business, not a hobby. Your writing may be considered a business by the IRS if you: Treat your writing like a business, because you expect to make money from it

Actively pursue deals with other publishers

Keep detailed records regarding what you spent and what you earned, including receipts for expenses and royalty statements

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Washington: Social media giant Instagram has recently announced the changes it is making to solidify its video offerings, including the discontinuation of the standalone IGTV app. As per GSM Arena, the standalone app was last updated in August 2021 and it is still available to download from the Google Play Store.

m.economictimes.com - Instagram officially discontinues standalone IGTV app

Social media giant Instagram has recently announced the changes it is making to solidify its video offerings, including the discontinuation of the standalone IGTV app As per GSM Arena, the standalone app was last updated in August 2021 and it is still available to download from the Google Play Store.When IGTV was first launched, Instagram's intent to compete with YouTube in longer format video led it to believe it needed to launch a separate app for IGTV. Eventually, IGTV videos appeared in the main feed, thus leading to its eventual discontinuation.It is also discontinuing IGTV ads as the company shifts focus to Reels, GSM Arena has learned.Despite the heavy focus and investment on Instagram Reels , ads are currently not shown here.This will change in 2022 as Instagram will begin testing ads in Reels and creators can begin earning ad revenue for Reels starting later this year, as per the outlet.

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