Alex Kirby of the “Life After Football” blog asks: When it comes to itemizing deductions on your business taxes, do you consider the entire price of the book as revenue, then deduct the cost of printing and whatever Amazon takes out before you get your cut, or do you only start with the royalty you get for each book? For example, if I have a book that sells $19.99 and costs $2.50 to print, do you deduct the $2.50 as an expense?
Self-Publishing Questions has been on hiatus for two weeks. Steve had a rough transition when he got home from hiking Mount Kilimanjaro, plus he had some trouble getting back into the swing of things in terms of motivation. He apologizes for the unscheduled break.
From now on, the podcast will run Monday, Wednesday, and Friday. Continue reading
Sherese asks, “What advice do you have for someone who wants to get into the Kindle business and has a dream of making $10,000 per month in residual income, but without an established platform?” She has always been attracted to Kindle and the idea of producing content for the Web.
A lot of people ask Steve how to make a certain amount of money per month. He says it’s very hard to make $10,000 per month. Even if you do everything right, it doesn’t always happen. Many full-time authors still haven’t reached their income goals. It’s not something you can do in a couple of months. Continue reading
How much is the start-up cost of publishing my first Kindle book? How much is okay to invest for marketing?
Steve recommends treating a book-based business like any other start-up company. Be smart about not wasting your money by tracking expenditures and spending money only when necessary. Continue reading