my child is writing a book, and I think it looks amazing and plan to help publish it. we will prob invest quite a bit on third party services, including proof-reading, formatting, graphic design etc.
question:
1- the tax consequences: since i am including the as my "dependent", will the cost be deductible under me when we do tax return?
2- do we need to provide "1099" to service contractors? say, I pay 300$ to some graphic designer?
I am sure there are a lot of entrepreneurs here. pls advise if you can. Bless you all.
