Tax Reporting Tip for Self-Published Authors

For all the self-published authors throughout Virginia (and across the country), remember that royalties received as a result of creative work such as writing, music and art, is considered self-employment income and should be reported on Schedule C of your personal income tax return (i.e., book royalties are taxable income and should be reported, although if your royalties amount to less than $10, then technically you do not need to report). Also, keep in mind that you are not required to submit the 1099 forms you receive with your personal tax return. The 1099 form is for your records and lets you know the amount your publisher has reported the Internal Revenue Service.