ACP AdvisorNet: For a possible book deal advance, are there any strategies to minimize taxes?

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For a possible book deal advance, are there any strategies to minimize taxes?

Advisor

WILLIAM MCNAMARA ⋅ Babylon, NY MUFG ⋅ 35 years experience

My mentee is working on a book deal and is interested in learning the best way to minimize any tax liabilities.

7 March 2022 1 reply Small Business

Answers

Advisor

Richard Byrne ⋅ Hillsborough, NJ Intel Corporation ⋅ 53 years experience

https://www.thebalancecareers.com/hobbyist-vs-pro-tax-guidelines-for-book-authors-2799859

https://blog.taxact.com/5-tax-tips-self-publishing-author/

https://www.authorsguild.org/whats-new/seminars-member-events/tax-tips-for-authors-2021/

AG Video:
https://www.youtube.com/watch?v=Wd-lmaotZtY

AG Youtube Channel:
https://www.youtube.com/c/AuthorsGuild/featured

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