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https://www.nolo.com/legal-encyclopedia/tax-deductions-artists.html
If you're a professional artist, there are many deductions you can take to reduce your taxable income for the year, and thereby reduce your taxes. Such deductions are quite valuable--for example, if you're in the 22% tax bracket, each $100 in deductions saves you $22 in income tax.Estimated Reading Time: 7 mins
https://www.accountingtoday.com/news/lawmakers-introduce-tax-deduction-fix-for-performing-artists
Jun 06, 2019 · The bill, known as the Performing Artist Tax Parity Act, would update the Qualified Performing Artist (QPA) tax deduction that helps artists deduct the costs of work-related expenses. The Tax Cuts and Jobs Act eliminated the ability to claim miscellaneous itemized deductions, which used to enable artists to deduct their work expenses.Author: Michael Cohn
https://www.irs.gov/publications/p561
Bill Brown bought a painting for $10,000. Thirteen months later he gave it to an art museum, claiming a charitable deduction of $15,000 on his tax return. The appraisal of the painting should include information showing that there were unusual circumstances that justify a 50% increase in value for the 13 months Bill held the property.
https://www.freelancetaxation.com/deductions-musicians
Musicians: Use this list to help organize your music tax preparation. This is a basic list of typical expenses incurred by musicians. You may have others. Agency/management fees Books, magazines, music Business gifts Business insurance Business meals Cabs, subways, buses/automobiles Copying, printing Cultural events Equipment and software Film & processing Gratuities Home office: rent, gas & […]
https://www.congress.gov/bill/116th-congress/senate-bill/2762
SALT Deduction Fairness Act . This bill increases the limitation on the deduction for state and local taxes to $20,000 for individuals filing a joint tax return. The …
https://theartlawblog.blogspot.com/2007/07/update-on-artist-deduction-bill.html
"The Artist-Museum Partnership Act (commonly known as the 'Artist Deduction bill') has been gaining co-sponsors since it was re-introduced earlier this year. The House bill H.R. 1524 introduced by Reps. John Lewis (D-GA) and Jim Ramstad (R-MN) now has 50 co-sponsors.
http://www.artstaxinfo.com/artists.shtml
The artist may file a form 8829 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 1040 income tax filing.
https://thecreativeindependent.com/guides/a-smart-artists-guide-to-income-taxes/
The home office deduction is massive, because it not only allows you to deduct part of your rent or mortgage, but also a percentage of your utilities. Business use of cell phone, internet, and cable You may deduct a percentage of your phone bill, but you must keep a log of business calls to justify how much of your total bill you can write off.
http://www.artstaxinfo.com/musicians.shtml
The performer may also file form 8829 for the home office deduction and will be required to pay self-employment tax (Schedule SE) on their net income (profit) as well as federal income tax. All these forms are part of the year-end 1040 income tax filing.
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