(If I was here I would get a lot of writing done)
Okay, I actually had to reread my post that listed all I needed to do before I launched on 11-11-11 and I noticed I left out one step: after the book is formatted I need to pay for a proof. I have to save time for that since I might need to tweak a few things. Also fellow blogger, Holly Grant was so kind to remind me to create a separate bank account in my company name and obtain a tax ID number. So I will have to add that to the list as well. Other than that, everything looks to be included there and just wanted to give everyone an update to where I am now.
~My superstar editor returned the second look through and she went back over every single word. In two weeks! How does she do that? She reiterated some things that I decided against (causing me to ultimately change them) and noticed things she overlooked with all the red all over the page. So my question is, do I need to send this out to a copy editor? I’m shocked with how meticulous my editor has been and with the second edit I feel like this MS is in great shape. But I want this MS to be a perfect as it possibly can and if traditional publishers send their novels through editors and copy editors I probably should too. I wonder if there will be style suggestions that will only confuse me more but the copy editor just might see things the editor missed as she was dealing with the whole mess I sent her originally. Well, I guess we’ll see, I’m sending it off to the copy editor today.
~I’ve contacted my cover designer and asked what I will need to create the POD cover and it seems I will need the page number to measure the spine correctly. So that means I will have to wait until the book formatter has finished before I create the cover. I also have to decide if I want to put my author pic on the back (ugh I hate pictures!) and a little bio (ugh I hate bios even more!).
~I did purchase ten ISBN numbers for this book and all my future books and something feels so great about looking at all the numbers that will one day be my published creations.
~I asked my book formatter if I could send him the almost finished MS just so that he could get a head start on the quote for all ebook formats and POD. If for some reason he is too high for me I want to have some time to find another recommended one. Hopefully the quote will come back within reason since this guy was recommended by a highly respected self-pubber.
~I’m still deciding whether or not I should include the first chapter of my sequel at the back of the first of the series. I posted it up on kindle boards and members brought up so many factors I hadn’t considered. The major issue may be that it’s not that beneficial to include a teaser sample until the sequel is available. A great point, but if I could release the second a couple months behind the first then that could be great hype for the second book; longer than two months, well it might get forgotten about and then I can’t make releasing the sample on my website a big deal. So I sent out the first chapter to be edited anyway and I can use this time to decide what I should do.
~I will contact an attorney relative (they come in handy) to help create an LLC for my publishing house (it sounds like a big deal but it’s not). That way I can publish under that name and if I’m ever famous (psish!) and sued, I will be protected.
~All the while my faithful beta has been reading my sequel and I’ve been making revisions whenever I receive feedback. I can’t forget that this sequel needs to come out as close as possible to the first novel’s launch date. Oh I wish I had a crystal ball for this.
So it looks like I’m making good progress and the baby doesn’t seem to be on its way out just yet, so maybe I can get most of this done before B-day.
Hi Lauren:
Good luck with everything!
Just to clarify my earlier comment, Amazon, Barnes & Noble, and other retailers don’t require that people create a small business or open a business bank account in order to sell books, which most people know. You can just register as yourself and sell books.
I created a business of one person (a sole proprieter) for two reasons:
(1) I wanted to use a business name instead of my own name as the publisher because it looks more professional. The costs and requirements were simple – $75 to register the name with my state and $12 to advertise my intent to use the name in a local newspaper (your state’s requirements might differ). The business bank account was free (my bank doesn’t charge checking fees).
(2) Hopefully I will be able to deduct some of my ebook expenses. The IRS told me that I have to register as a business with my state in order to claim business-related deductions. IMPORTANT: they said I cannot claim business expenses without taking this step. They also told me that form 535 (on http://www.irs.gov) explains the deductions I can take. I can’t understand it at a quick look, but my tax preparer should be able to decipher the details.
So maybe I will be able to deduct some of the money I’ve spent on formatting, book covers, editing, equipment (Kindle, Nook, and a scanner — the scanner because I have a book with photos and needed to send them to the formatter and cover artist), and maybe a portion of my utiliies, especially my internet service. The IRS also said I don’t have to earn a certain amount of money to take deductions, but again, my tax preparer can sort it all out.
Thanks for explaining this Holly. My husband’s an accountant and he thought that this was the best way to set up the business for taxes, expenses, and protection. I’ve seen many other posts recommending this step as well. He wants to take it a step further and get an LLC for the publisher I create. Even though it’s a bit of a pain to set all this up you make great points why it’s worth it. Plus, once it’s done you won’t have to do it again for other novels!
Lauren, that’s right — once you go through the hassle, you won’t have to do it again, just maintain it.
Many indie authors/publishers talk about selling so many ebooks to recover their costs, but once you set yourself up as a business you can deduct some of the costs on your tax return. I am not sure what exactly I can deduct, so I am keeping a notebook with all receipts.
I also don’t know if I can deduct bills I paid before I filed the small business paperwork, or maybe look at those expenses as money I advanced my business. Again, my tax preparer will tell me.
Good luck!
Great question! I’ll ask my husband tonight and let you know. It would sure help defray the costs of publishing.
Thanks, Lauren! I’ll check back here tonight or tomorrow.
It’s time for an ebook break. I bought To Kill A Mockingbird at a library sale last week and a friend just loaned me the classic movie with Gregory Peck. I have been so immersed with ebook marketing and business I have to take a little time away so I don’t burn myself out.
Okay, you’ll still want to check with your tax preparer since our situations could be very different, but as far as my situation goes, I would be creating a single member business that I’d using a single schedule C for expenses. So everything that I’ve expensed for my business would all be deducted on this form (before and after the creation of the business).
Sounds like you had a wonderful night filled with To Kill A Mockingbird. It’s so great to sometimes pull away from all the writing and promoting to do something just for fun.
Thanks, Lauren. I read through that IRS form I mentioned, which is very complicated. You’re right about checking with my tax preparer. One thing I can continue to do is keep good records — write down every expense, keep the receipts, and keep bills like my internet statement, which I believe I can deduct.