Tax Preparation and Planning for Visual Artists

Its that time of the year again - sigh.

The last time information about tax information for visual artists was posted to this blog was three years ago. Its time for an update and access to some additional information. A few resources for some international artists have also been found.

Also: Don't forget to check with your state and local arts organizations - at this time of year they often have free or very low cost tax workshops available that are designed to meet the specific needs of artists.

TAXATION AND TAX DEDUCTIONS FOR THE SELF-EMPLOYED VISUAL ARTIST - Peter Jason Riley, CPA (senior partner of the CPA Firm of Riley & Associates, PC) - This is still a fantastic resource!
http://www.artstaxinfo.com/artists.shtml

Worksheets:

          1.  Expense Checklist for Visual Artists
               PDF version: http://www.artstaxinfo.com/office.shtml
               Excel Worksheet version: http://www.artstaxinfo.com/ARTIST/VISUAL~1.XLS

         2.  Income Worksheet for Visual Artists
              PDF version: http://www.artstaxinfo.com/ARTIST/ARTIST~1.PDF
              Excel Worksheet version: http://www.artstaxinfo.com/ARTIST/INCOME~1.XLS

         3.  12 Month Expense Worksheet for Visual Artists
              Excel Worksheet format: http://www.artstaxinfo.com/ARTIST/12MONT~1.XLS

  

       How to Deduct Your Home Office and/or Studio

       http://www.artstaxinfo.com/office.shtml
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       Self-Employment Tax Basics  

       http://www.artstaxinfo.com/basics.shtml
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       Glossary of Tax, Business, & Financial Terms Written in Plain English

       http://www.planningtips.com/Planning_Tips.asp?Co_ID=110208&Tip_ID=6870
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       Hobby or Business...Is Being an Artist a Business?
       http://www.microcreditnh.org/artworksnh/pdfs/LanguageLessons.PDF
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Peter Jason Riley's book (2010 Edition), The New Tax Guide for Writers, Artists, Performers and Other Creative People is available. Full information about it can be found on the following link:

http://www.artstaxinfo.com/buy.shtml
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NOTE: I have no affiliation
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BARTERING - Have you been thinking about doing this as a way to get around income taxes?
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Bartering Art? Don't Forget the Tax Man 
http://www.artbusiness.com/barter.html

Do You Trade or Barter? Don't Mess with the IRS - Excepted from Artist Trust's Journal - Heather Joy Helbach-Olds 

http://www.artisttrust.org/pro_resources/prof_dev/barter

 Record Keeping for Business Barter Transactions - IRS Publication 

http://www.irs.gov/businesses/small/article/0,,id=215975,00.html

OTHER RESOURCES:
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Filing for Artists - Stephen J. Drahos - "This article will explain the various types of taxes affecting an artist and give some general guidelines on certain pitfalls to avoid." 

https://artistsregister.com/resource2.phtml?resourceId=16

Taxation of the Visual and Performing Artist 2009 - Michele M Stanton, CPA - Prepared for TALA (Texas Accountants and Lawyers for the Arts)
http://www.talarts.org/Publications/TALAIncomeTaxforArtists2009.pdf

Possible Allowable Business Deductions for Visual Artists - Visual Art Exchange
http://www.visualartexchange.org/forms/taxdeductions_10.22.09_alexlehmann.pdf

Tips for Doing Your Taxes: Is Your Art a Business? - Visual Art Exchange handout based on a lecture by Alex Lehmann as part of their Business of Being an Artist series
http://www.visualartexchange.org/forms/Doing%20Your%20Taxes_1.12.10.pdf

Artist Stiffed by Gallery Wants Tax Write-off - George Saenz, CPA
http://www.bankrate.com/brm/itax/tax_adviser/20080219_business_loss_a1.asp

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INTERNATIONAL TAX POLICIES:

Tax Policies for Visual Artists in Canada
http://vivacorp.org/tax-policies-for-visual-artists-in-canada/

Visual Arts (Canadian) Tax and Business Information
http://www.ontarioartist.ca/en/visual_tax.htm


Revenue, Irish Tax and Customs: Artists Exemption
http://www.revenue.ie/en/tax/it/reliefs/artists-exemption.html 

          Artefacts: the Arts and Tax [Australia] - A practical tax workbook that is designed to assist artists and arts organisations with the tax system           http://www.australiacouncil.gov.au/research/artists/reports_and_publications/artefacts_the_arts_and_tax