The Authors Guild Bulletin quoted Tax Partner Robert Pesce in its authors' guide to the revised tax code.
The Authors Guild Bulletin
By Cheryl L. Davis
Excerpt:
We have been advised by Robert M. Pesce, CPA, of Marcum LLP that the IRS has finally made it clear that self-employed writers are permitted to deduct 20 percent of their annual net income from writing provided the total taxable income is not more than $315,000 (if married) or $157,500 (if single); this applies to a writer acting through a pass-through entity or as a sole proprietor.