Understand the system of earnings vs write-off's... will you make money. Create a client submission sheet.
75 possible tax deductions (plus two bonus deductions)
Accounting fees
Advertising
Amortization
Auto Expenses – Article and Video
Banking fees
Board Meetings – Article and Video
Building repairs and maintenance
Business Travel – Article and Video
Business association membership dues
Charitable deductions made for a business purpose
Children on Payroll – Article and Video
Cleaning/janitorial services
Cameras
Collection Expenses
Commissions to affiliates
Computers and tech supplies
Consulting fees
Continuing education for yourself to maintain licensing and improve skills
Conventions and trade shows
Costs of goods sold
Credit card convenience fees
Depreciation
Dining and Office food – Article and Video
Drones
Education and training for employees
Equipment
Exhibits for publicity
Franchise fees
Freight or shipping costs
Furniture or fixtures
Gifts for customers ($25 deduction limit for each)
Group insurance (if qualifying)
Health insurance – Video
Equipment repairs
Health Reimbursement Arrangement – Article and Video
Health Savings Account – Article and Video
Home office – Article and Video
Interest
Internet hosting and services
Investment advice and fees
Legal fees
Leased Vehicle or equipment
License fees
Losses due to theft
Materials
Maintenance and janitorial
Mortgage interest on business property
Moving
Newspapers and magazines
Office supplies and expenses
Outside services
Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
Parking and tolls
Pass-Through 199A Deduction
Pension plans
Postage
Prizes for contests
Real estate-related expenses
Rebates on sales
Rent
Research and development
Rental Property – Article and Video
Retirement plans – Article and Video
Royalties
Safe-deposit box
Safe
Spouse on Payroll – Article
Social media advertising
Software and online services
Storage rental
Subcontractors
Taxes (Personal and Real Property)
Telephone
Utilities
Video equipment for business YouTube channel
Website design
Workers' compensation insurance
ARTIST Write-off's & Deductions
Art Supplies and Materials
An artist can claim materials needed to produce creative work, including paints, brushes and canvas, as business-related expenses on her federal tax return. She may claim these deductions using IRS Form 1040 Schedule C. An artist may also claim this deduction to offset the cost of material purchases even if her medium is nontraditional such as scrap metal or concrete. The artist must also be able to show the IRS that her work is part of a business and not just a hobby. A professional artist can show profitability from her work and that she depends on this activity for her livelihood.
Art Studio Space
Claiming a deduction for an art studio space for an artist is similar to the office space deduction other self-employed workers use. An artist may claim a deduction using the square footage of the studio space, including restroom facilities, as long as he uses the space solely for business purposes. The artist may also deduct yearly expenses relating to utilities, including electricity, heat and air conditioning, to keep the studio space livable and conducive to working.
Education Expenses
Education expenses to improve as an artist, including taking private lessons, participating in college courses and attending artist lectures, are tax deductible for a professional artist. The IRS allows these deductions for the same reason it allows deductions for education with other professions. It allows the artist to continue to grow and increase skill level in the field which may open up new business contacts. An artist may also deduct the cost of museum and gallery memberships as business-related expenses.
Travel and Promotion
The costs of promoting gallery events can be substantial if the artist wishes to have a wide range of exposure. The IRS allows a professional artist to deduct the costs of promoting work, including print advertisements, business cards and radio and television ads, as business-related expenses. Similarly, an artist may deduct travel costs related to business, including mileage using the IRS' standard mileage rate and meal expenses.
Tax Deductible Expenses for Artists
Artists: Use this list to help organize your art tax preparation.
This is a basic list of typical expenses incurred by artists. You may have others.
Art supplies
Books, magazines, reference material
Business gifts
Business insurance
Business meals
Cabs, subways, buses
Copying, printing
Cultural events/ museum entrance fees
Entry fees
Equipment and software
Film & processing
Framing
Gallery fees
Gas and electric
Internet
Legal fees
Memberships (museums, professional organizations)
Messengers, private mail carriers, postage
Office supplies
Promotion
Studio or home office rent
Tax preparation,
Telephone
Travel
Freelancers
Tax Deductible Expenses for Freelancers
Freelancers: Use this list to help organize your freelance tax preparation.
This is a basic list of typical expenses incurred by freelancers. You may have others.
Advertising
Amortization
Auto Expenses – Article and Video
Banking fees
Board Meetings – Article and Video
Building repairs and maintenance
Business Travel – Article and Video
Business association membership dues
Charitable deductions made for a business purpose
Children on Payroll – Article and Video
Cleaning/janitorial services
Cameras
Collection Expenses
Commissions to affiliates
Computers and tech supplies
Consulting fees
Continuing education for yourself to maintain licensing and improve skills
Conventions and trade shows
Costs of goods sold
Credit card convenience fees
Depreciation
Dining and Office food – Article and Video
Drones
Education and training for employees
Equipment
Exhibits for publicity
Franchise fees
Freight or shipping costs
Furniture or fixtures
Gifts for customers ($25 deduction limit for each)
Group insurance (if qualifying)
Health insurance – Video
Equipment repairs
Health Reimbursement Arrangement – Article and Video
Health Savings Account – Article and Video
Home office – Article and Video
Interest
Internet hosting and services
Investment advice and fees
Legal fees
Leased Vehicle or equipment
License fees
Losses due to theft
Materials
Maintenance and janitorial
Mortgage interest on business property
Moving
Newspapers and magazines
Office supplies and expenses
Outside services
Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
Parking and tolls
Pass-Through 199A Deduction
Pension plans
Postage
Prizes for contests
Real estate-related expenses
Rebates on sales
Rent
Research and development
Rental Property – Article and Video
Retirement plans – Article and Video
Royalties
Safe-deposit box
Safe
Spouse on Payroll – Article
Social media advertising
Software and online services
Storage rental
Subcontractors
Taxes (Personal and Real Property)
Telephone
Utilities
Video equipment for business YouTube channel
Website design
Workers' compensation insurance
Always think of RED FLAGS !!!
Reasons why the IRS algorithm would want to investigate you.
Art Supplies and Materials
An artist can claim materials needed to produce creative work, including paints, brushes and canvas, as business-related expenses on her federal tax return. She may claim these deductions using IRS Form 1040 Schedule C. An artist may also claim this deduction to offset the cost of material purchases even if her medium is nontraditional such as scrap metal or concrete. The artist must also be able to show the IRS that her work is part of a business and not just a hobby. A professional artist can show profitability from her work and that she depends on this activity for her livelihood.
Art Studio Space
Claiming a deduction for an art studio space for an artist is similar to the office space deduction other self-employed workers use. An artist may claim a deduction using the square footage of the studio space, including restroom facilities, as long as he uses the space solely for business purposes. The artist may also deduct yearly expenses relating to utilities, including electricity, heat and air conditioning, to keep the studio space livable and conducive to working.
Education Expenses
Education expenses to improve as an artist, including taking private lessons, participating in college courses and attending artist lectures, are tax deductible for a professional artist. The IRS allows these deductions for the same reason it allows deductions for education with other professions. It allows the artist to continue to grow and increase skill level in the field which may open up new business contacts. An artist may also deduct the cost of museum and gallery memberships as business-related expenses.
Travel and Promotion
The costs of promoting gallery events can be substantial if the artist wishes to have a wide range of exposure. The IRS allows a professional artist to deduct the costs of promoting work, including print advertisements, business cards and radio and television ads, as business-related expenses. Similarly, an artist may deduct travel costs related to business, including mileage using the IRS' standard mileage rate and meal expenses.
As of 2023 the standard mileage rate deduction for business miles is $0.14 per mile charity, $.65 cents per freelance, medical $.22 cents, moving $ .22 cents.
Tax Deductible Expenses for Artists
Artists: Use this list to help organize your art tax preparation.
This is a basic list of typical expenses incurred by artists. You may have others.
Art supplies
Books, magazines, reference material
Business gifts
Business insurance
Business meals
Cabs, subways, buses
Copying, printing
Cultural events/ museum entrance fees
Entry fees
Equipment and software
Film & processing
Framing
Gallery fees
Gas and electric
Internet
Legal fees
Memberships (museums, professional organizations)
Messengers, private mail carriers, postage
Office supplies
Promotion
Studio or home office rent
Tax preparation,
Telephone
Travel
Tax Deductible Expenses for Freelancers
Freelancers: Use this list to help organize your freelance tax preparation.
This is a basic list of typical expenses incurred by freelancers. You may have others.
Art supplies
Materials
Driving
Book, magazines, reference material
Business insurance
Business meals
Cabs, subways, buses
Equipment
Gas and electric
Legal and professional fees
Memberships (professional organizations)
Messengers, private mail carriers, postage
Mortgage interest/taxes
Office rent
Office supplies
Promotion
Software
Tax preparation
Telephone/internet
Travel
Business insurance
Business meals
Cabs, subways, buses
Equipment
Gas and electric
Legal and professional fees
Memberships (professional organizations)
Messengers, private mail carriers, postage
Mortgage interest/taxes
Office rent
Office supplies
Promotion
Software
Tax preparation
Telephone/internet
Travel
MUST HAVE DETAILED RECORDS AND A CALENDAR LOG BOOK!!!
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