As a playwright, there are numerous specific expenses that you are eligible to deduct for tax purposes. These include:

• Script and manuscript expenses
• Royalty fees
• Research materials and tools
• Travel expenses related to your work
• Computers, software, and technical equipment used for producing your works
• The costs of attending playwriting workshops and seminars
• Professional association fees
• Advertising and promotional costs related to your works

Please remember that tax laws may vary, and it is recommended to consult with a professional accountant or tax expert to ensure you're accurately reporting and deducting expenses. Let the team at Bench Accounting assist you in handling these details and streamlining your bookkeeping process.

The income from play royalties generally falls under royalty income which is a part of your taxable income. Hence, you'll need accounting assistance in the following areas:

• Recording Income: Proper record-keeping of incoming royalty payments is crucial. An accountant or bookkeeper can help ensure every payment is accounted for correctly and on time.
• Tax Planning: Royalty income is taxable and could potentially push you into a higher tax bracket. A qualified accountant can help you strategize to reduce your tax liabilities.
• Financial Reporting: Regular financial reports can help you understand the profitability of your plays and track the income trends. An experienced bookkeeper can create these reports for you.
• Expense Tracking: Some expenses associated with producing your plays may be tax-deductible. Having a bookkeeper manage your expense tracking ensures you capture all possible deductions.

Hiring a professional from Bench Accounting can ensure that your royalty income is properly managed, allowing you to focus on your creative work.

Yes, there are indeed certain special bookkeeping considerations for playwrights who receive grants and fellowships. These forms of income can present specific tax implications which need to be accounted for properly. It's important to track the use of grant money, as many organizations require detailed accounting of how this money was spent. Fellowships may also be taxable, depending on the terms and conditions. To ensure compliance, accuracy and efficiency, it's advised that playwrights seek the help of a professional bookkeeper familiar with these particular considerations.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.