I was amazing with numbers, I had a photographic memory, and I hated reading fiction, preferring books on nature and history. All symptoms of mild autism. In that battle, he, in his own words, "completely destroyed a useless wanker and a fight broke out so he sprinted home".
Taxes and administrating the business of art are often last on the list of concerns for the visual artist. The artistic temperament simply does not interface well with the exacting rule-filled world of federal and state taxation. Artists tend to avoid the whole matter and consequently leave themselves vulnerable to bad advice.
The secret to overcoming this phobia is to develop an understanding of the mechanisms of the tax code and some simple, effective ways of complying with this onerous task.
I often use the analogy that you may not need to know how to fix your car but it is helpful to know how it basically works. In so doing you will pay less in taxes and you will be less likely to fall prey to erroneous tax information and disreputable or ill-informed advisors. There is no legal separation, such as one would have in a corporation, partnership, LLC or other legal entity.
The artist may file a form for the home office studio deduction and will also be required to pay self-employment tax Schedule SE on your net income profit as well as federal income tax. All these forms are part of the year-end income tax filing. The goal is first and foremost to lower your taxes!
The artist has a number of tax deductions that are unique.
In the balance of this article I will try to break them down to their component parts to make the issues understandable. For the IRS all deductible business expenses are those that are: The artist has a large group of basic expenses that easily fit the above criteria: Is Being an Artist a Business?
The heart of this matter is whether the I. Although you must claim the full amount of income you earn from your hobby, hobby-related expenses are generally deductible only to the extent of income produced by the activity. In contrast, if your activity can be classified as a bona fide business, you may be able to deduct the full amount of all your expenses by filing a Schedule C.
Converting your hobby into a bona fide business means you can deduct a net loss from other income you earn, such as wages and salaries. How does the IRS determine whether your activity is a hobby or a for-profit business?
The Internal Revenue Service publications discuss these nine criteria: Whether you carry on the activity in a businesslike manner.
Whether the time and effort you put into the activity indicate you intend to make it profitable.This is a more intensive approach to Business Writing training, combining editing and mentoring in meetings customised to the staff member's needs.
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