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https://yourcreativeadventure.com/accounting-basics-for-artists/
Jul 30, 2019 · Accounting Basics for your Business as an Artist. If you’re a business owner, you are building a business, I don’t want it to take you by surprise. From the very beginning, you should be setting aside a percentage of the sales that you make for …
https://www.gyst-ink.com/taxes
The artist usually files a “Schedule C” as part of his or her regular 1040 income tax form, which is where you report your art income and expenses. The artist may file a form 8829 for the home office (studio) deduction and will also be required to pay self-employment tax (Schedule SE) on his or her net income (profit), as well as federal income tax.
https://voidacademy.com/a-simple-tax-guide-for-artists/
Jan 31, 2018 · A Simple Tax Guide For Artists Hobby vs. Business. One of the big discrepancies that folks come across when trying to file taxes as an artist is... Standard Deduction vs. Itemized Deduction. Oh, deductions! ... A tax deduction arises due to various types of expenses... Crowdfunding and Taxes. ...
https://www.ignitespot.com/bookkeeping-tips-artists
A Simple Tax Guide for Artists: The Void Academy offers an easy-to-understand guide regarding artists and federal taxes. Erase Your Tax Frustrations : Preparing tax returns is a burden for artist-entrepreneurs, but a professional service can remove that burden and ensure that taxes …
https://thecreativeindependent.com/guides/a-smart-artists-guide-to-income-taxes/
Mar 14, 2019 · Come tax time, the goal is to save as much tax money as possible, and this is why you might want to make your art practice into an official business. Simply put, qualifying for business tax deductions will make your tax savings bigger. This is because businesses actually get to take deductions from their taxes twice.
https://www.nolo.com/legal-encyclopedia/tax-deductions-artists.html
All such artists are operating pass-through businesses. The Tax Cuts and Jobs Act established a brand new deduction that allows owners of pass-through businesses, including artists, to deduct an amount equal to up to 20% of their net income from the business. This is in addition to all their other art business deductions.
https://www.artbusinessinfo.com/tax-tips-for-artists.html
Dec 01, 2012 · In summary, my top tax tips for artists are: PRINCIPLES. Hobby income is still income and can still be taxable - know what the rules are and what you need to declare. know the "badges of trade" - the indicators that tax people use to make a distinction between when a …
https://www.artspace.com/magazine/art_101/guide/how-to-do-your-taxes-as-an-artist-55314
Mar 16, 2018 · If you do report sales income, use a 1040 Schedule C to report all sales revenues and expenses that pertain to your art making practice. All of the money you earned from selling your art goes on line 1. All of money you spent to make that work goes on line 4 …
http://www.artstaxinfo.com/artists.shtml
The painting that the first artist gives up "costs" $75 (the cost of paint, canvas, and framing). The artwork received has a market value or price of $1,000. The first artist will have a taxable income from this transaction of $925 ($1,000 less $75). In other words, the artist received something worth $1,000 but …
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