No (Extra) Taxes For Me!

(Warning: only interesting to writers planning to self-publish on Amazon.com, CreateSpace, etc. And maybe not even to them.)

A quick follow-up post to yesterday’s tax-related reblog – I can confirm the process of applying for an EIN over the phone went exactly as David laid out in his post on Catherine’s blog.

I called the number this morning, and had a very pleasant 7-minute chat with a nice IRS lady. (I couldn’t tell if she was from Philadelphia or just lives/works there, because I am the crappest at American accents.)

After a few questions very similar to those I was expecting, I became the proud owner of an Employer Identification Number (EIN). I then promptly updated my KDP, CreateSpace and Smashwords accounts, because it pays to be prepared, and I’d rather not risk giving the IRS any of my money even temporarily if I can avoid it.

Now I just need to publish and sell some books, and watch all* of the money roll trickle in!

* Instead of 70% of the money because 30% was withheld for tax reasons. Get it? Yup, I told you it wouldn’t be that interesting.

 

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3 thoughts on “No (Extra) Taxes For Me!

  1. This is awesome because I’ve been worrying about this for a while, not sure when I should do it. I’m in New Zealand, see. We’re situated at the end of the earth. There is giant-ass waterfall and lots of stars here. Sometime people get drunk and sail over the edge, never to be seen again.

    1. General advice seems to be get it done ASAP – unlike the old ITIN method, you don’t have to have sold anything (to get a royalty statement/letter) before applying. So get it into Amazon, Smashwords etc soon as you can, and when the money floodgates open nothing gets diverted down the IRS 30% canal.
      That was a pretty tortured metaphor.
      NZ’s only 8 hours behind yesterday, Eastern time, so you could call at 8am on a Tuesday and catch them at 4pm on Monday. Magic!

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