Hatrack River Writers Workshop: Taxes and Synthetic Biology

This is topic Taxes and Synthetic Biology in forum Open Discussions About Writing at Hatrack River Writers Workshop.

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Posted by JBShearer (Member # 9434) on :

Two things, equal and opposite, came to mind today.

First, if you aren't making money off of your fiction yet, can you still deduct expenses from your taxes as write-offs? If so, how far can you take it? Paper and postage, of course, but what about computers? Software? Airline tickets, hotels, and lunches to meet with editors?

And second, I know there are a lot of sci-fi writers here, have any of you looked much into synthetic biology? Google it, it's VERY interesting. Basically we are taking baby steps toward re-programming DNA inside cells/bacteria/viruses to perform specific functions. This can work not only to CHANGE existing DNA, but also to make individual cells act with functions that are not currently supported by nature. The cells will be able to work alone or networked together, as a sort of living digital device. MIT and a few others are developing the technology, and they don't even consider it biology anymore---its advanced computer programming! Anyway, its way more in depth than I can explain here (and so are the ramifications. But I'd recommend it as some good story fodder.

Posted by Survivor (Member # 213) on :

Could you explain what "not currently supported by nature" means? Or "living digital device", for that matter?

All living organisms are digital to the extent that they are based on DNA, which is a digital rather than analog encoding mechanism.

Any function that it is possible for DNA to express is "supported" by nature, even if it is not found in nature, just as my computer supports MMX and SSE and so forth whether or not I actually have any programs that use those instructions.

We took baby steps towards reprogramming DNA inside cells decades ago, now we have made the two significant leaps that allow actuall programming of the cellular functions. The first was devising computers capable of solving protein folding, so that entirely new proteins could be designed. The second leap, in the last few years, was developing the interactome model of cellular functions.

But the main implication is only what I've long said, that early artificial nanobots will be based on heavily modified organisms similar to those found in nature, rather than being tiny metallic entities.

Posted by mikemunsil (Member # 2109) on :

Wait a minute. What is breeding but synthetic biology, anyway? Just using diferent tools and on a diffrent scale, is all. No?

Posted by Christine (Member # 1646) on :

JBShearer, I asked the same taz question to the accountant who did my taxes last year. She said you can set yourself up as a business if you want, but if you don't show a profit so many years in a row the IRS is going to get suspicious and audit you. She did suggest, however, that all those receipts can be saved and applied as start up costs when you do start making a profit, even if they are not from that calendar year...eductation, trasnportation, computer, and if you're like me and have a room in your house/apartment set up as a devoted office then you can deduct a percentage of rent/utilities.

Anyway, best thing with taxes is to ask a real accountant and not take some strange woman on the internet's word for it, especially since I'm probably relaying something she told me wrong.

Posted by Kolona (Member # 1438) on :

Too often you need a synthetic biology to deal with taxes.

Posted by punahougirl84 (Member # 1731) on :

I have a folder to save up receipts to use as start up costs (books, paper, postage, creative writing classes). I don't have a space devoted ONLY to writing, so I won't be able to deduct computer and space/utilities yet. These are saved against the day when I actually sell something.

Then I too will go to the taxman and find out what can be done. I don't think I have much I can do yet... My experience, anyway.

Posted by MaryRobinette (Member # 1680) on :

I think there are also some breaks you can do for hobbies, but I'm not certain of that.

I just did a quick search and found this. It's worth asking an accountant about.
http://www.taxesindepth.com/other-taxable-income.html

[This message has been edited by MaryRobinette (edited July 28, 2004).]

Posted by Pyre Dynasty (Member # 1947) on :

This is just my thought on Synthetic Biology, if we do it it cannot be unnatural for we are a part of nature. Would we think of it any different if a dog did it. (that would be cool)