Tax time is approaching, and you might be asking yourself:
What can I deduct?
Do I bring receipts to my accountant?
Is my art a business or a hobby?
What is a Schedule C?
How do I deduct my home studio?
Why do freelancers have to pay taxes quarterly, and how do I do that?
Artwork Archive is proud to be joined by Hannah Cole for an insightful and educational session to answer these questions on taxes for artists and more. Hannah Cole is the founder of Sunlight Tax, which specializes in friendly, informative tax preparation for artists, and engaging, art-world-savvy tax education workshops.
She will discuss the basic tax equation, self-employment tax and the estimated quarterly tax system, audit concerns for the creative person, and other tax issues specifically relevant to artists and makers, followed by a question and answer period.
This 2-hour workshop is an empowering, jargon-free session that will cover a high-level understanding of key tax concepts, including:
• The basic tax equation
• Self-employment issues
• The estimated quarterly tax system, and how to pay quarterly taxes
• The Schedule C — what it is, who it’s for, and how to use it
• Arts-specific tax concerns, with a focus on artist empowerment:
The artist stereotype and how it plays into an audit situation
• What people can do to be prepared and counteract it
• What to do/keep/save in case of audit
• The Hobby/Loss Rule and surrounding case law, which is the basis of most artist audits
• General guidelines for good record keeping
• The importance of running one’s creative enterprise as a business
• Understanding the special requirements for meals expenses and home studio/office deduction