• Artist Tax Time
    Money & Finances,  Taxes

    15 Overlooked Art Expense Tax Deductions for Artists

    As tax time draws near, art business owners are prepping up. Shoeboxes and calculators in hand, artists are looking for forgotten expense receipts with the fervor of a child on an Easter egg hunt.  Before you meet with your tax preparer, you must prepare a full and accurate accounting of your annual art income and expenses.  While most business owners create accounting records throughout the year, inevitably, a few entries slip through the cracks.  Help your tax preparer maximize your write offs (and reduce your taxes). For every $100 in deductions you find, you save $22 in income tax AND around $15 in self-employment tax. You can buy a lot…

  • Artist at tax time using computer
    Money & Finances,  Taxes

    Can You Write Off Your Art Expenses? IRS rules for Artists

    With tax season approaching, you might be starting to think about how to lower your tax liability.  If you’re an artist, you might be wondering: Can you write off your art expenses? Before we get into it, let me first just say the obvious: I am not a tax attorney & this article is not legal or financial advice. Please – use the information here to start a conversation with your tax advisor. Art Business vs. Art Hobby You can write of the expenses from income earned on a legitimate business whether it’s your full-time business or part-time side hustle. The key word here is: “legitimate business.” Legitimate businesses earn…