tag:blogger.com,1999:blog-11089716.post4503307558053849697..comments2023-07-22T04:51:00.772-07:00Comments on Jennifer Represents...: REAL TALK: $ix Figure Book Deal$ Literaticathttp://www.blogger.com/profile/15513424208149456614noreply@blogger.comBlogger35125tag:blogger.com,1999:blog-11089716.post-29228638004958556672015-03-16T13:45:33.325-07:002015-03-16T13:45:33.325-07:00I wonder how many of us have this same daydream. D...I wonder how many of us have this same daydream. Did we get it from the movie "Something's Gotta Give"? Love that beach house....But she got it from writing plays.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-11344701112894798012015-03-15T19:22:11.361-07:002015-03-15T19:22:11.361-07:00Thank you for giving me motivation to get a day jo...Thank you for giving me motivation to get a day job, however menial it is. Maybe I can get story ideas from that, yeah?Jess Bogdanoffhttps://www.blogger.com/profile/07759192609642409055noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-49759473920978345952015-03-13T10:40:47.767-07:002015-03-13T10:40:47.767-07:00Paula - you got ripped off... self employment taxe...Paula - you got ripped off... self employment taxes are 15.3% of income. Flat rate, same for everybody, no additions, no deductions. On $5999 that comes out to $917.85, and you get to deduct half of it as the "employer portion." (These figures don't include income tax... and yes, I do taxes as part of my day job.)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-72672713191387818792015-03-12T22:37:08.377-07:002015-03-12T22:37:08.377-07:00Hahaha! Same here. I made 9K last year. If I made ...Hahaha! Same here. I made 9K last year. If I made ANYTHING on my books I'd feel rich. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-11190998425109077432015-03-08T13:31:51.068-07:002015-03-08T13:31:51.068-07:00I very much appreciate your honesty. And as a pict...I very much appreciate your honesty. And as a picture book author with small presses, I'm making pretty much nothing at this point! You must be committed and determined to be in this profession. www.carolgordonekster.comhttps://www.blogger.com/profile/05538677971087883948noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-29720686365469935002015-03-08T01:41:03.965-08:002015-03-08T01:41:03.965-08:00If you were not a US resident and had 'alien&#...If you were not a US resident and had 'alien' status, such as being a UK citizen and writing in the UK then your deal is effectively a commission in advance of book sales, US and worldwide. You are not employed by the publisher but providing a creative service for which you get paid. The agent is an intermediary. Most countries like the UK have joint tax exempt status with the US on federal and state taxes on income and depending whether your employment status as a writer is self employed or a limited company you would need to obtain the correct type of IRS tax exemption number, from the IRS itself and present this to the US publisher or agent offering the deal. You would then be paid gross, minus agent fees, and account for your taxable income in the UK, alongside everything else you earned there. That's a simple version and individual tax affairs may be more complicated. Always use a good independent accountant and solicitor if the mega advance becomes a reality!creativepubtalkhttp://www.creativegateway.comnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-70150750158423447942015-03-07T07:47:34.829-08:002015-03-07T07:47:34.829-08:00I gave myself a headache at the IRS webpage before...I gave myself a headache at the IRS webpage before asking this question here, so sorry if it's not in your jurisdiction. I figured it wouldn't hurt to ask.<br /><br />Most agents say that they would represent a non-American writer not living in the US as long as the book was in English. If, say, this author got the deal you used as an example... is she/he required to pay US taxes? Of course the agent's fee would be applicable, but taxes? I always wondered about that. <br /><br />Thanks:)Johana Verahttps://www.blogger.com/profile/12886177692222837427noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-80163172084514183092015-03-06T06:32:33.873-08:002015-03-06T06:32:33.873-08:00Sub rights is the biggest way - let's say your...Sub rights is the biggest way - let's say your publisher has paid 50k for WORLD rights. They then sell the book translation in Germany, France, Brazil etc (because it is a "hot" book, obviously) -- well, you get usually 70-75% of whatever they make on those deals and it goes to earn out your advance. So it CAN earn out prior to pub. (that isn't USUAL, but it CAN happen)Literaticathttps://www.blogger.com/profile/15513424208149456614noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-80936120607255428022015-03-06T06:07:25.951-08:002015-03-06T06:07:25.951-08:00I have a question about this: "But earning ou...I have a question about this: "But earning out and seeing more $ probably won't happen until after the book has been released." Why do you say "probably"? How could a book earn out before it's been released? Pre-orders? Melissahttps://www.blogger.com/profile/10930029414540447565noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-91719688168884331542015-03-05T01:24:15.043-08:002015-03-05T01:24:15.043-08:00For realz! I had taxable income of less than 6 gra...For realz! I had taxable income of less than 6 grand in 2013 and paid $2360 in self-employment tax. Oh and 400 bucks to get my taxes done at H&R Block :P<br /><br />I have only just found this post and think I might schedule a tweet about it like once a day for the rest of forever ;-)Paula Stokeshttps://www.blogger.com/profile/05554982750210319316noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-54267952534668651582015-03-03T19:02:09.713-08:002015-03-03T19:02:09.713-08:00Thanks for sharing the numbers. It is possible to ...Thanks for sharing the numbers. It is possible to make a living as a writer, but most of the people I know doing so aren't depending exclusively on fiction advances. I did a post on "Can You Make a Living from Writing?" sharing all my sources of income – http://project-middle-grade-mayhem.blogspot.com/2013/03/can-you-make-living-from-writing.html<br /><br />That's two years old now. Guess I need to do another one now that I've turned in my taxes!Kris Bockhttps://www.blogger.com/profile/16217265282250089583noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-13828514015490591502015-03-02T06:48:01.597-08:002015-03-02T06:48:01.597-08:00And I should add - the MAJORITY of my authors are ...And I should add - the MAJORITY of my authors are full-time authors with no day job.<br /><br />Some are able to quit their day job because they have sold a few big books and continue to write big books but not so often. Some because they sell a ton of "small" books and just constantly constantly have new stuff going. Some because they are frugal and/or have spousal support. <br /><br />Many have also created careers as freelance writers to supplement their traditional book deals - doing textbooks, or work-for-hire children's books, or journalism, or similar -- so it's WORK, but at least you can still do it at home in your jammies if you want.Literaticathttps://www.blogger.com/profile/15513424208149456614noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-89394994771363206562015-03-02T06:41:56.775-08:002015-03-02T06:41:56.775-08:00Depends on you, your agent, your contract... but b...Depends on you, your agent, your contract... but basically, yeah, as I say above, you can (AND SHOULD!) be continuing to write and hopefully sell brand-new stuff. That's the way to make this more than a hobby.<br /><br />Particularly since most people don't GET 100k 2-book deals.<br /><br />The goal is, in my opinion, to get to a point where you aren't just relying on advances, but you have sufficient backlist that it is consistently making an income for you in royalties. But this is not an easy or fast place to get to. In the meantime, most authors have to either have a second income (whether that means day job or spouse, or both) -- or else be very frugal.Literaticathttps://www.blogger.com/profile/15513424208149456614noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-67146004009872211592015-03-02T06:19:47.952-08:002015-03-02T06:19:47.952-08:00I have a question. Say you get this awesome $100K ...I have a question. Say you get this awesome $100K 2-book deal that's gradually paying itself out over a few years. In the meantime, you're writing other books. Can you still be getting other advance for other book deals while that $100K is paying out for those other two books? At what point after your agent sells a book can you say, "Okay, I have a brand new thing."<br /><br />In other words, is it possible, provided you're prolific enough, to have advance money coming in relatively frequently?Anonymoushttps://www.blogger.com/profile/07856346021932036387noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-55183058144103855922015-03-01T19:40:03.846-08:002015-03-01T19:40:03.846-08:00Definitely! :DDefinitely! :DSarah Prineashttps://www.blogger.com/profile/16655290885417713813noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-65656416182279828112015-03-01T16:50:47.974-08:002015-03-01T16:50:47.974-08:00I am interested in where you look for that informa...I am interested in where you look for that information. I have done a little research about the govt grants but never can 100% figure out where to look/what to do. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-53085526816956639172015-03-01T13:41:13.957-08:002015-03-01T13:41:13.957-08:00You are so on the money! Love your posts. Thank yo...You are so on the money! Love your posts. Thank you.Mira Reisberg AKA The Picture Book Whispererhttps://www.blogger.com/profile/15380813949651552996noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-73014051588734265522015-03-01T11:09:12.897-08:002015-03-01T11:09:12.897-08:00'Soon you'll be in a beach house... Everyt...'Soon you'll be in a beach house... Everything is clean and inexplicably made of white linen' oh god i laughed so hard at this bit because i have had this exact daydream :D and this despite already getting a very non-6-figure advance for my debut. i still have these dreams, you know, maybe next time...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-37682590115352888552015-03-01T11:03:46.573-08:002015-03-01T11:03:46.573-08:00Hello, Jennifer. I'm new here. Thank you for...Hello, Jennifer. I'm new here. Thank you for providing this information to your readers. I'm always learning something new. Unfortunately, I think I'm the type of writer who will always need to keep my day job. I like your blog and will try to follow it and link with you on twitter. ~ http://victoriamarielees.blogspot.comVictoria Marie Leeshttps://www.blogger.com/profile/05294868315757138169noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-28010543998171569822015-03-01T10:03:13.122-08:002015-03-01T10:03:13.122-08:00Great points that many don't think about when ...Great points that many don't think about when they hear of these mega-deals. Thank you for providing this much needed information!Vivian Kirkfieldhttps://www.blogger.com/profile/08745749939523672713noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-71894676795574318382015-03-01T09:30:49.481-08:002015-03-01T09:30:49.481-08:00Toooootally true!Toooootally true!Literaticathttps://www.blogger.com/profile/15513424208149456614noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-66835159976130489862015-03-01T09:23:21.634-08:002015-03-01T09:23:21.634-08:00Y.E.S.!!!!!Y.E.S.!!!!!emma d drydenhttps://www.blogger.com/profile/08742492495749128209noreply@blogger.comtag:blogger.com,1999:blog-11089716.post-35392826398990701442015-03-01T08:57:25.895-08:002015-03-01T08:57:25.895-08:00I am glad I stumbled upon your post. I have been t...I am glad I stumbled upon your post. I have been trying to find the information you presented-real numbers on what authors earn. I recently self-published my first picture book, and I am glad I chose to go indie. I enjoy the flexibility self-publishing affords. Thankfully, I was able to recoup my investment from book sales. Thanks for the information on traditional publishing.<br /><br />MichelleAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-90502519776248191482015-03-01T08:56:45.854-08:002015-03-01T08:56:45.854-08:00One other thing to keep in mind is that these anno...One other thing to keep in mind is that these announcements are meant to have promotional impact. That's why they are announced! To draw attention to the book and the author and the publisher and the agent. In this way they can be very misleading. I was lucky enough to be part of recent of a six-figure debut picture book announcement and it has been rather amusing how excited and blown away people get. Meanwhile I know the truth of the numbers and how they are divvied up. But it is still awesome and exciting news! Just not as exciting and awesome as everyone assumes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11089716.post-41084409914837350702015-03-01T08:55:18.956-08:002015-03-01T08:55:18.956-08:00Love the way you put real numbers on this. Luckily...Love the way you put real numbers on this. Luckily, I didn't start writing thinking about any money. Just doing something I love #priceless. Wendyhttps://www.blogger.com/profile/14114624813405241762noreply@blogger.com