I’m a freelance writer and I would like to know a little more about getting my book published. I have never done this before.
Do authors get taxed on the profits from their books?
About how much percentage do they get on each sale?
About how much money will I get if I have a movie made out of this? I really feel it is movie material.
Sally in comments to 12 Essential Questions to Ask a Literary Agent Who Offers To Represent You
Most people, even most writers have never had a book published or self-published one, so you’re not alone.
Yes, authors get taxed on the income they make from the sale of their books, usually known as royalties. Currently in the United States you must pay tax on any royalties above $10 a year. The exact law changes. I found this information by going to www.irs.gov and searching for book royalties. Other countries, obviously, have other regulations.
As far as how much you’ll make per book, it depends on the contract with your publisher. Although the actual percentage paid to authors varies widely, 7-15 percent of the net sale is not a bad guess. Peter Bowerman’s The Well-Fed Self-Publisher gives a good overview of both self- and trade publishing.
A literary agent will probably charge you 15 percent of what you earn on your book. The article, Do You Need A Literary Agent? may help you decide if you want to look for an agent or a publisher.
As far as movies go, in truth I haven’t a clue. I do know that the movie industry is pretty complex. There are many blogs and other rescources about script writing including Scriptologist is one place to start.
Do you have a question about freelance writing? Contact me with Q&A in the email’s subject line and I’ll probably answer it.