The new year means it’s time to start thinking about the taxes. We have to send out 1099-MISC forms to all the people we paid royalties to. I find it strange that for royalties you have to report anything over $10 for one time payments it’s a few hundred. Last year the fact that we had to send these forms out totally blind-sided me. This year I wasn’t entirely on the case but at least I remembered several weeks before the deadline.
When we decided to do so many titles last year I didn’t factor in the extra work it would create on the record-keeping side. I just thought about it from the book production perspective. Now I see even more benefits to working with the same author on multiple projects.