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Help fund the first Multiplex print collection and get awesome rewards and access to exclusive content in the process! Read more

Chicago, IL Webcomics
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This project was successfully funded on December 12, 2009.

Help fund the first Multiplex print collection and get awesome rewards and access to exclusive content in the process!

Chicago, IL Webcomics
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The Book 1/Kickstarter Project and the Tax Man (and other updates)

This is — potentially — one of the best ways I've been wrong about something: I spoke with a tax consultant who assures me that most (if not all) of the Kickstarter funding will not count as taxable income.

We have a more in-depth meeting about it (and my other business affairs) in a couple of weeks, so I will let you know if his opinion changes after reviewing things more closely, but it looks like I can operate under the assumption that most — possibly all — of the Kickstarter funding will not count as taxable income. (This does not mean it's "tax-free" — it just means that the income taxes may only come out of the book profits next year, not both the funding and the book profits.) This would be, of course, fantastic news, because it would free up the $2,500 I was planning on setting aside for income taxes — and pushes the Kickstarter project into the black in the process.
If you previously increased your pledge specifically to help me with the tax load, please feel free to adjust your pledge downward! (You may want to wait until after my meeting, though, because it's not 100% sure just yet.) Whatever the conclusion is, rest assured that every penny of the Kickstarter funds will be applied towards the printing, distribution, and promotion of the book (and the pledge rewards), and that I will account for every penny in future Progress Report/Kickstarter updates.
Now Hiring at the Multiplex 10 Because of this tax news, I've canceled the $12,000 Challenge — but not the "Win a Job at the Multiplex 10 Cinemas" giveaway! That means I will just be giving away the "job" at the Multiplex 10 Cinemas to one random backer shortly after the end date, whether or not we reach the $12,000 mark. All the other rules apply: all past, present, and future backers at any level are eligible!
Paper Stocks I am looking into sturdier paper stocks than what I had quoted out before, so the printing costs will be rising somewhat when I get around to that. But I got some samples in and the stocks I'd initially specked out just seemed kind of… flimsy. I want to make the Multiplex: Book 1 collection look as good as it possibly can.

Comments

    1. Creator Lolita Maddalena on November 23, 2009

      Diddo to Shawns comment.
      I cannot wait to have Multiplex in my hands. :)

    2. Creator Shawn Schmidt on November 20, 2009

      Hopefully everything works out so you don't have to pay income taxes on that. I am happy for your good news and love the way you have priced this out. Connect with Fans + Give a reason to buy just about always equals success. I am so happy you have a printed book coming out and can't wait to see it.

    3. Creator Gordon McAlpin on November 20, 2009

      Paul's right. To be honest, I don't understand what the exact reasoning is at this point — we just had a short conversation on the phone in order to set up a longer meeting — but he's the CPA; I'm not.

    4. Creator Paul Belliveau on November 19, 2009

      He probably means that the bulk of the funds are for material costs in producing the book and are therefore excluded from his income.

    5. Creator tombrazelton on November 19, 2009

      I don't understand. You're accountant says that the Kickstarter funding won't count as taxable income, but I'm not seeing the reason why?

      Is it because the money is being pledged/donated? Because you're technically not returning goods for payment?