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https://www.nolo.com/legal-encyclopedia/tax-deductions-artists.html
Art Supplies: A professional artist is in the business of selling art. His or her artwork is inventory, just like a bookstore's books are inventory. You deduct the cost of creating your artwork--such as the cost of canvas, paints, and frames--only for the artwork you sell during the year. These expenses are part of an artist's "cost of goods sold."
http://www.artstaxinfo.com/artists.shtml
Inventory is often problematic for many artists; I often get blank stares when I ask the question at tax time. The inquiry concerns the artists cost at year end of the artwork that has not yet been sold, this is the artist’s inventory. Not to get too technical, but the calculation of inventory is primary in arriving at “cost of goods sold.”
https://greendragonartist.com/taxes/how-to-do-your-taxes-as-an-artist/
Feb 27, 2016 · On your tax return, you list a beginning inventory amount (the amount of these items you had at the beginning of the year). You add the cost of purchases during the year, and you subtract the amount of these items you sold (at cost, not at sale price!). The ending figure should match how much you have on hand at the end of the year.
https://www.artworkarchive.com/blog/how-to-do-a-year-end-inventory-of-your-art-studio
Getting your inventory organized in a cloud-based art management system program like Artwork Archive will make the process of working with a tax preparer or insurance agent easier. Get started by upload the photos you’ve taken of your collection and enter all relevant information, including price, medium, creation date, gallery location, sales status, and more, along with your art business expenses.
https://www.gyst-ink.com/taxes
All these forms are part of the year-end 1040 income tax filing. As a self-employed artist, you will usually be required to pay estimated quarterly taxes using Form 1040-ES if your Federal tax liability is over $1,000 for the year. For the IRS, deductible business expenses are: Incurred in connection with your trade, business, or profession.
https://theabundantartist.com/top-5-inventory-management-apps-for-artists/
If all you need is a quick and easy way to track your inventory, ArtMoi is a great choice. The mobile app and cloud storage mean you can update your inventory from anywhere- this may be a good choice for artists that work in a studio outside of the home. Artwork Archive Features. Detailed inventory to build a full history for each piece
https://www.artspace.com/magazine/art_101/guide/how-to-do-your-taxes-as-an-artist-55314
Mar 16, 2018 · We asked a specialist at TurboTax how one would go about filing taxes as an "independent working artist," and here's what they had to say: "If you are an independent working artist, you are considered to be in business as a sole proprietor. ... Offer is applied by using the code PHAIDON10 at checkout. Terms and inventory available are subject ...
https://voidacademy.com/a-simple-tax-guide-for-artists/
Jan 31, 2018 · Every year when you file your Individual Tax Return, also known as your 1040 form, you are painting a picture of your financial life for the IRS. This picture consists of your losses and your gains — this is what the IRS wants to know on the most basic level. Your losses are qualified as the amount of money you lost on making something happen.
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