Two Creative Certainties: Taxes [PART 2/2]

by benmweilertNo Comments
It may come as a surprise that taxes are marginally easier than death when you’re a creative individual. While the latter requires explicit and detailed instructions on what to do upon your passing, the former is something you can control and often doesn’t involve more than a few extra forms when you’re filling out taxes for the year. Still, if you are selling anything that you created, the government will want a cut of that income. The one thing to be careful of here is that often this endeavor is considered a “hobby” instead of a business. If you want this extra income to be a business, it needs to be making a profit on an annual basis for many years. Consider how much you spend on stocking your inventory of products, advertising, and the variety of other costs that contribute to your creativity before determining if you’re even in the black when it comes to your business (which will...
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Two Creative Certainties: Death [PART 1/2]

by benmweilertNo Comments
Before the recent birth of my second child, my wife and I were preparing for this new life coming into the world by ensuring that our kids would be financially secure upon both of our deaths. While we’re only in our late-30s, it’s difficult to consider both of us dying unexpectedly in the near future. And yet, we have had close friends who were about our age pass away suddenly this last year, so we know it can happen. When setting up a will or trust for your next of kin, there are a lot of assets that are easily included in these documents. Houses, investments, retirement accounts, and bank accounts. However, there is one thing a creative person needs to consider when planning for their death: what happens to the rights to their creative works? If you traditionally publish, some of these details may be already covered in your contract. If you self-publish, now might be the time to think about...
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