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.

 

Advertisements

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.

    • 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!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s