October 2021

Books are one item that never goes out of fashion. While half of all books sales have now transitioned to online formats, the sale of stories remains as strong as ever. For those thinking about becoming writers or for existing writers who are focusing on getting published, this is cause for celebration. Thankfully, with so many options available, getting published is easier than ever. Worldwide the publishing industry is worth close to 150 billion USD between them. If you are thinking about getting your book into print, our list of the 6 largest publishing companies in the industry today will come in handy.

Pearson

Pearson, whose headquarters is located in London, England, is the biggest publishing house in the world. They handle most of the publishing for corporations, schools, and students and serve over 70 countries in the world. They are behind the majority of educational printing and makes up about 6.4 billion USD of the total market. They have been around since 1844 which is one of the reasons they are able to capture so much of the market share across the globe.

Barnes and Noble Press Self-publishing

Barnes & Noble Press, which used to be known as NOOK Press, is one of the largest publishers available for self-published authors. Although they have tough competition from Amazon, the fact that it is linked to an actual bookstore allows it to maintain its market share, despite the competition. The interface is easy to use and unlike some brick and mortar publishing houses, authors have the freedom to publish across multiple platforms with no exclusions.

RELX

RELX is another British publishing house that serves just over 180 nations. It is mainly focused on the publishing of medical, technical, legal, and scientific materials but considering it is the second-largest publisher in the world, it prints a lot. The name may not be familiar because it was actually was created from a merger between Reed International and Elsevier, who were both mid-level publishers in their own rights.

Amazon KDP Self-publishing

There would be no list of big publishers without Amazon making the cut. In fact, Amazon accounts for three-quarters of all eBook sales in the US and is the biggest purveyor of digital books in the entire world. Kindle Direct Publishing and Amazon Publishing are separate entities, however, as a whole, they have made their mark on the publishing world and are still going strong. Kindle Direct Publishing is ideal for those looking to self publish while Amazon Publishing works just like any other brick and mortar publishing house.

Thomson Reuters

Thomson Reuters is one of the more well-known publishing houses in the world even though it’s only the third largest of traditional publishers. This publishing house was founded in 2008 in Toronto, Ontario, and accounts for 5 billion of the annual publishing income worldwide. They are known for their branded sponsorships, investments, and more. They print a wide assortment of books ranging from children’s books to legal tomes the world over. For being such a young company, they have managed to amass a large following that has given them a huge market share.

Apple Books Self-publishing

Apple is known for a lot of things, but its publishing is not one of them. However, they opened a self-publishing platform in 2010, and just two years after that boasted a library of over 400 million books available for download. It can be hard to monetize a book on the platform, but that has not stopped anyone from using Apple to publish. The fact that there is no fee to publish is one of the many reasons the platform has been able to draw so many authors. Keep in mind there are a lot more publishing houses out there to chose from, and we have only covered the top six in the world in our post today. If you have dreams of becoming a published author, be sure to check out our vast resources available here.

​​What Expenses Are Deductible When You Work From Home?

 

Many people who work full time in an office dream of working from home. Working from home has been associated with being flexible and relaxing compared to physically going to the office. Unfortunately, since the pandemic, the dream turned into a reality for almost 43% of the workforce in the United States. Consequently, employees need to understand some of the expenses that are deductible when they work from home. Below are some of the costs that are deductible when you work from home. 

 

1. Rent or mortgage payments

This is one of the expenses that are deductible when you are working from home. Remote workers can claim a home office deduction instead of itemizing each expense. However, you need to be sure that the office is used solely for business purposes and not for any other reason. 

 

The only way you can ensure that you achieve this is to store all the receipts of all deductions safely. When the home is used solely for business purposes, you may deduct a portion of the expenses related to your home, such as homeowners insurance and mortgage interest, among others. 

 

In other words, a home office expense is a deduction that is allowed only if the home office meets at least one of any of the criteria below: 

• The home office is the place where the business takes place. 
• The home office is where the business owners meet with clients and customers as any other typical business day. 
• Where business is conducted is a separate structure from the property and is not attached to the house. 

 

2. Automobile expenses

Automobile expenses are another expense that is deductible when you are working from home. This applies if you have to drive a car for business occasionally. Any automobile mileage related to the company is tax-deductible, except for commuting to and from the place of work. As long as the travel is made solely for business purposes, it is considered a business expense. The mileage deduction is calculated using two different approaches that are allowed by the IRS. Unfortunately, car insurance is only deductible for a small selection of individuals.

 

3. Entertainment and travel expenses

Travel and entertainment costs are only deductible if they are directly related to the business or associated. In other words, if the company took place during entertainment or business was immediately discussed before or after entertainment, then the deduction applies. Any business-related travel is fully deductible.  

 

4. Health insurance

Even though you are working from home, you are still an employee who is on the payroll. Health insurance benefits that are provided to employees are considered as tax-deductible. However, those who are self-employed can deduct a portion of their income for health insurance. 

 

5. Business expenses

Working from home means that you are still conducting business-related functions. The only difference is that you are not physically at your place of work. There are some everyday expenses for running a business for which you can take a deduction. They include employee benefits, legal and professional services, advertising, office supplies, rents, wages, and other operations conducted at home. 

 

6. Travel expenses

You can make deductions of ordinary and necessary travel expenses that you incur while traveling on business. You should keep your records checked and updated such that the amount for each item, such as lodging, meals, and transportation, are included. Keep track of the date of departure and return for each trip that you take, and the number of days spent on the trip, and any other information that may be useful. While traveling for business, your laundry and cleaning expenses should also be kept well because they are deductible. 

 

7. Equipment purchases

When working from home, you should communicate with your employer to give you some equipment to work effectively from home. However, suppose this is not provided, and you buy equipment for the business. In that case, you can deduct a portion of the equipment cost in the year in which equipment was placed in service. Also, you need to check with your tax professional to check the limit for the current year. 

 

8. Maintenance and repair work

As long as you incur costs for maintenance and repair of any office equipment, it is deductible. This is the cost you incur in bringing back an asset to its original condition or the price incurred in keeping an asset operating effectively at its present condition. So, for example, assuming that you are working from home and using an office laptop. Then the computer breaks down when using it, and you take it for repair, then that expense is deductible. 

 

9. Delivery expenses

Suppose the company deals with a variety of products. In that case, delivery expenses are incurred in getting a product from the company to the customer’s hands. This includes gas and oil costs and other transportation costs that are incurred in the process. 

 

10. Self-education expenses

You can also claim a deduction for self-education only if the teaching of the study you are undertaking relates to your current employment activities. The course must be connected to your everyday employment activities to either;

• Maintain or improve a specific skill that is necessary for your current line of work.
• Is likely to result in an increment in your income.

 

It is only under the above scenarios that you can claim your self-education expense. If your course is not related to your current employment activities, you cannot claim it.  

In summary, working from home is very effective and convenient for many people. This is mainly because of how flexible it is. All of the above are some of the expenses that are deductible when you are working from home. Therefore, you need to be aware of what to claim and what not to claim. 

Rose Rosie is a writer for the personal finance website, Joy Wallet, which provides readers with useful information, resources, and tools to help maximize their financial fitness.