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Artists! Get Organized Before Tax Day
Featured Author:
Valerie Atkisson
Prior to starting ArtBistro, Valerie lived and worked as an artist in New York City for ten years. Her work has been shown at New York galleries and museums and been reviewed in publications such as The New York Times. Valerie taught art for eight years part-time at Grace Church School and most recently at Brigham Young University. She has collaborated on a number of commercial enterprises with composers, designers, writers, photographers, and dancers. She graduated from the School of Visual Arts with her Master of Fine Arts in 1998. ArtBistro Portfolio
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Valerie Atkisson / ArtBistro
The best way to cut down the work on tax day is to be organized before tax day. Some simple tips:
Income
Keep track of your income. Collect 1099s, save invoices, and deposit slips. As you deposit this money, make a note who it is from so that you don’t have to look at it and wonder later.
Make a note of deposits that are reimbursements rather than income and don’t total them into your income.
Costs
Save the receipts that you can deduct in a folder or special place (a friend of mine uses a shoe box).
You can buy a software program for taxes and enter these expenses as you incur them. Daily, weekly, or monthly whatever works for you.
Remember to look at your bank account for copies checks cashed that you can deduct.
- Looking for an art or design job? Find one here.
- Trying to go back to school? Find a scholarship here.
Estimates
You will need to estimate what tax will owe every four months and pay that to the IRS. If you don’t think that you will owe any taxes, you don’t have to fill out the estimated forms four times for that year. But if you do end up owing money, and didn’t send in estimate checks, you may be penalized.
Schedule C for Artists and Designers
What can Visual Artists Deduct on Schedule C
