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 Royalties on a license deal

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Sally Hopkins



Location : Northlake, IL.

PostSubject: Royalties on a license deal   Wed Jun 10, 2009 2:49 pm

Hello,
What kinds of things should I keep in mind for taxes from royalties on a license deal?
Thank you in advance Very Happy
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Andrew Havlicek



Location : Cincinnati, OH

PostSubject: Royalties on a license deal   Thu Jun 18, 2009 4:58 pm

Hello Sally,

The main thing to consider is that no taxes are withheld from royalties payments. That means, unlike when you get a paycheck from an employer, no one is withholding & submitting the income taxes to the IRS for you; it is your responsibility to do that, and if the royalties are significant enough, you are required by the IRS to pay them quarterly. The easiest thing to do is start by setting aside at least half of all your royalties payments for taxes (do not spend it all!). Unfortunately, there are too many additional steps to detail here; the IRS is not an agency that you want to cross, so my advice is to hire a good accountant to make sure you report your taxes accurately & timely.

Good Luck,
Andrew
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Roger Brown



Location : South Carolina

PostSubject: Royalties and Taxes   Fri Oct 09, 2009 8:49 am

Also keep in mind that if you have gotten a licensing deal and royalties you can deduct some of your expenses from your taxes. This varies from state to state so contact your local tax preparer and ask what deductions are available to you.
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