Interested in Tax Issues Artists? On this page, we have collected links for you, where you will receive the most necessary information about Tax Issues Artists.
https://www.artbusinessinfo.com/tax-tips-for-artists.html
Dec 01, 2012 · This is a round-up of the websites, blog posts and articles about tax which have been written with artists in mind. I've written various blog posts covering: common tax issues and tips for how to address ; when hobby artists need to complete tax returns. why you need to avoid potential penalties if you fail to declare your second income from art
https://www.gtlaw.com/en/insights/2020/4/estate-tax-issues-for-deceased-artists-and-entertainers
Apr 24, 2020 · Share. During the first quarter of 2020, some notable artists, athletes, and entertainers succumbed to the global Coronavirus Disease 2019 (COVID-19) pandemic and other tragic causes. The estates of deceased artists and entertainers have unique estate tax implications and their estate tax returns are frequently targeted for audit by the Internal Revenue Service (IRS).
https://www.irs.gov/pub/irs-utl/artgalleries.pdf
It is difficult to monitor compliance with the tax laws by artists because art galleries are not required to report sales via information returns (Form 1099) whether they sell the art on a consignment basis, or carry inventory because as a retail establishment they are exempt from the
https://thecreativeindependent.com/guides/a-smart-artists-guide-to-income-taxes/
Mar 14, 2019 · The tax advantages of treating your art like a small business. 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 ...
http://www.lehmannstrobel.com/articles/sales-taxes-a-trap-for-unwary-artists-and-dealers/
An artist conducting business within a state is required to collect, report and pay state and local sales tax on any artwork sold by the artist in that state. This typically includes sales through an artists’ studio, at art fairs, craft shows, flea markets, private homes and even nonprofit events such as church bazaars.
https://www.americansforthearts.org/sites/default/files/Salesusetaxpaper.pdf
Use tax is a state tax on goods purchased in one state for consumption in another state. The reasoning behind use tax is to help recoup the lost sales tax from purchasing out-of-state goods. See examples 1 & 3 below. Some states allow a credit against use tax for any sales tax paid to another state. Example 1 Kathy owns a gallery in California.
https://ttlc.intuit.com/community/business-taxes/discussion/i-have-a-small-gallery-and-sell-artwork-on-consignment-do-i-need-to-issue-a-1099-to-the-artists/00/212659
Jun 01, 2019 · June 1, 2019 11:15 AM If the artists provide no services to you, then you would not need to issue a 1099. If you order the painting (request the work from the artist), then a 1099 would be in order. See IRS reference link below.
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