Keeping Finances Straight
As a new writer you may not think twice about depositing a check in your personal bank account, but as you begin to work at this career seriously, it is smart to open a separate account for your writing. Keeping track of both money out and money in can get very confusing once you get rolling, and if you want the IRS to take you seriously (which you do), you’ll need to be able to clearly show both work income and expenses.
In terms of accounting you don’t have to get super fancy…a simple ledger will do. Get in the habit of doing this early on and it will become habit. You’ll thank yourself later on.
