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https://www.hypebot.com/hypebot/2021/03/quick-tax-guide-for-independent-artists.html
7 hours ago · Quick tax guide for independent artists ‘Tis the season! Tax time is here once again, and since your music is your business, it’s important to have a solid handle on you taxes, and make sure ...
https://www.nolo.com/legal-encyclopedia/tax-deductions-artists.html
A self-employed artist may deduct any expense that is: directly related to the art activity; ordinary and necessary, and; not lavish or extravagant under the circumstances. Common deductions by artists include the following: Business Travel: Artists often travel out of town, or even out of the country, to work or show their art. You may deduct all reasonable expenses you incur when doing so.
https://thecreativeindependent.com/guides/a-smart-artists-guide-to-income-taxes/
Mar 14, 2019 · Come tax time, the goal is to save as much tax money as possible, and this is why you might want to make your art practice into an official business. Simply put, qualifying for business tax deductions will make your tax savings bigger. This is because businesses actually get to take deductions from their taxes twice.
https://www.artistsnetwork.com/art-business/tax-deductions-for-artists-art-business/
Apr 06, 2015 · Leonard D. Duboff’s Answer: All of the ordinary and necessary expenses you incur in connection with your art business are deductible, though, if you’re engaged in a hobby rather than a business, you can take deductions only to offset income from your art hobby. Either way, potential deductions include the following:
https://blog.sonicbids.com/tax-advice-for-all-musicians
For musicians who are not employees and receive 1099 income, there is a new 20% deduction for small businesses that are “pass-through” entities. Pass through entities will be taxed on only 80% of their qualified business income (QBI). You do not need to form a loan out company such as an LLC or S-Corporation to be eligible.
http://robergtaxsolutions.com/2011/06/tax-tips-for-artists-things-you-need-to-know/
But if you’re an artist, you don’t have a bunch of identical $5 bears. How do you even begin to value your artwork? Here’s the thing—most artists should not be doing a Cost of Goods Sold report on their taxes. Let me repeat that: Most artists should NOT be doing a …
https://www.artspace.com/magazine/art_101/guide/how-to-do-your-taxes-as-an-artist-55314
Mar 16, 2018 · So, until freelancers band together and form a union, here are some simple proactive things you can do to help you prepare for filing your taxes. 1. KEEP YOUR RECEIPTS. Taxpayers can deduct "ordinary and necessary expenses for conducting a trade or business."
https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-musicians-guide-to-taxes-top-tax-deductions/L3dFXFokF
Tax Advice, Expert Review and TurboTax Live: Access to tax advice and Expert Review (the ability to have a Tax Expert review and/or sign your tax return) is included with TurboTax Live or as an upgrade from another version, and available through December 31, 2021. These services are provided only by tax experts or CPAs.
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