Why?
Taxes are inevitable. You’ll need to do them almost no matter what. So, you may as well be educated about what to do if you sell an artwork, receive a grant, spend money on art supplies, or receive a commission.
Required
7 Things Artists Should Know before Filing Taxes, Artsy
“Like other professionals who work in a freelance capacity, artists typically earn untaxed income that they must report to the IRS—and if the artist had a clear intent to make a profit, their practice is considered to be a business. That means they can file a Schedule C form (which is designated for small businesses) to report earnings or losses and deduct expenses. But what counts as an expense? How should artists keep track of these things? And is it necessary to hire an accountant? We recently spoke to artist and accountant Hannah Cole—who counts many artists among her clients—for some basic tips to help artists navigate tax season smoothly.”
What Every Artist Should Know About Taxes, Symposia
“As a self-employed artist, you are probably used to handling much paperwork. But did you know that you also need to keep track of your taxes? Filing your taxes can be confusing, especially if unfamiliar with the process. In this blog post, we will discuss some of the basics of artist tax filing. We will cover self-employment tax, business expenses, and more. So whether you are a new artist just starting or have been in the business for years, read on for helpful tips.”
Response Questions
Select one question below to which you will respond. Remember to cite specific instances from the text to support your views.
- What were the most surprising things from these readings? What made them surprising to you?
- Which are the most relevant sections of the readings to your practice? Why?
Supplementary Readings
These are optional readings to help enrich your understanding of the themes of this reading set.
- Taxes for Artists
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7 Things Artists Should Know before Filing Taxes, Artsy
“Like other professionals who work in a freelance capacity, artists typically earn untaxed income that they must report to the IRS—and if the artist had a clear intent to make a profit, their practice is considered to be a business. That means they can file a Schedule C form (which is designated for small businesses) to report earnings or losses and deduct expenses. But what counts as an expense? How should artists keep track of these things? And is it necessary to hire an accountant? We recently spoke to artist and accountant Hannah Cole—who counts many artists among her clients—for some basic tips to help artists navigate tax season smoothly.”
What Artists and Creatives Need to Know this Tax Season, NYFA
“Do you find tax season stressful and unnecessarily confusing? It’s not just you! This post shares insights from Brass Taxes, a team of tax preparers who deliver personalized tax guidance to freelancers and artists.”