There’s a benefit to running your own publishing company (mine is Zummo Books, LLC). I’m able to identify the production costs and things along with the income from sales on Amazon, ACX, iTunes, etc.
If you have your own company, you may need to file 1099 MISC forms for each contractor you paid over $600. There can also be penalties for not filing (YIKE). It was the case for me here in Wisconsin anyway.
My awesome accountant pointed me to some great online resources that might be useful for you:
Personally, I went with http://www.filetaxes.com.
Before you can put one together you’re going to have to have:
Your Company information (including EIN or tax reporting SSN number, address, phone, etc.)
Your Contractor information (individual name, company name if available, EIN or SSN for them, address, phone number, email).
You want your total amount paid for the year to them.
What I found great about filetaxes.com is it also told me of additional information or requirements needed for the 1099 MISC based on the state of the contractor. Sometimes you have to fill out additional fields on the 1099 form. They helped me through all that.
I followed their directions, paid my $4.99 per form (very affordable), then received my email notification the form had been sent to my contractors and filed with the IRS. So simple and worry free! 🙂
Anyway, as I continue work on my books and board game, thought I’d share this little insight with you!