Is your goal to make money?

Hi June,

I just received my list of business expenses, and it's great. Thanks so much for this invaluable information.

I'm still wondering about one type of business expense, however, so here's my question: As a freelance writer, can I deduct business expenses (research, publications, etc.) for a project that I am working on, but has no income associated with it? I am doing research on an idea for a book, but don't yet have an agent, publisher, contract, etc. and don't know if those expenses can be taken. What's a girl to do?

Thanks so much--for any help you can offer and for the fantastic information on your sites.

Barbara
Petaluma, CA


Hi Barbara,

Thank you for your generous compliments.

Expenses in pursuit of making a profit are deductible. As I explain in my book, as long as your goal is to make a profit you are a self-employed in business. You do not need to make money you need to be trying to make money.

For more of an explanation read these posts , especially No Profit Needed As Long As You Have A Profit Motive.

I wish you success with your book.

Best,
June