Archive for the ‘taxes’ Category

Teleclass: Tax Breaks for Writers

Friday, January 14th, 2011

I will discuss the important tax legislation that Congress passed in 2010 and how it affects writers.

This members-only program will air on February 2, 2010 at 3:30 EST

Taxes and the Freelance Writer or Editor

Members will find call-in information for the classes in the member area of the website. You’ll find it by logging in on any page of the site, then going to the Library link, then to the Expert Teleclasses link. NAIWE teleclasses are totally free for members ($27 each for non-members).
If you’re not a member and you’d like to join in time for the teleclass, you may click on this “Join NAIWE” link to do so. If you would like to register for the teleclass only, you may do so by visiting the Teleclass page. We hope you’ll join us!


Hop on over to the home page of to receive that handout from the show. Look in the bottom right corner for my report: New Tax Laws in 2010. Anything for Writers?

Carol Topp, CPA

Congress passes largest tax bill in a decade. Good news or bad for writers?

Wednesday, December 29th, 2010

Wall Street Journal reported that:

Congress passed the most far-reaching tax bill in a decade, averting across-the-board tax increases, enacting new breaks for individuals and businesses and laying a marker for how Washington might work in an era of divided government.

The measure includes retention of the Bush-era tax rates and breaks for all earners for two years, as well as protection through 2011 from the Alternative Minimum Tax for more than 20 million mostly middle-class households. It includes a new payroll-tax credit for virtually all workers, as well as a 13-month extension of benefits for the long-term unemployed. The wealthy won a lowered estate tax rate for the next two years of 35% on estates of more than $5 million.

Middle-income Americans fared best from the deal, due in large part to the new payroll-tax holiday, according to the nonpartisan Tax Policy Center. Those with the largest average gain in after-tax income, compared with current tax policies, earn between $35,000 and $64,000. They gain about $613, or 0.9% of their income.

Source: Wall Street Journal, December 12, 2010

When President Obama signs the bill, it will keep in place the so-called Bush tax cuts for another two years (2010 and 2011), offer a 2% reduction in FICA taxes (Social Security) for one year and offers another AMT patch.

The 2% reduction in FICA tax applies to self-employed workers also, so that’s good news for freelance writers and editors!

This bill means good news for most of my tax clients. It also means I better get signed up for a Continuing  Professional Education (CPE) class in January so I know the details of the bill. I’ve already taken two tax classes in October and November understanding the bills passed in 2010. Ohio CPAs who sign tax returns are required to take 24 hours of classes in taxes every year.

The IRS will be frantic trying to get forms and their programs ready. Be prepared for some delays this tax season.

Carol Topp, CPA

IRS, Taxes and Your Accountant

Saturday, February 27th, 2010

Janice Campbell will be interviewing me on her The Freelance Life online radio show, sponsored by the National Association of Independent Writers and Editors (

on Tuesday March 2, 2010.

Listen in live at 3:30 EST.  If you cannot listen live, the show will be available in iTunes!

The podcast is hosted at

The topic is a timely one: IRS , Taxes and Your Accountant

Here’s the show’s description:

In honor of Words Matter Week, we’ll be hosting Carol Topp, a Certified Public Accountant who specializes in small business to talk about Understanding the IRS, Your Tax Return and Your Accountant. Carol offers free tax information service to NAIWE members, and she is very familiar with issues writers and editors tend to question. Don’t miss it!