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Schedule C for Artists and Designers
Featured Author:
Valerie Atkisson
Prior to starting ArtBistro, Valerie lived and worked as an artist in New York City for ten years. Her work has been shown at New York galleries and museums and been reviewed in publications such as The New York Times. Valerie taught art for eight years part-time at Grace Church School and most recently at Brigham Young University. She has collaborated on a number of commercial enterprises with composers, designers, writers, photographers, and dancers. She graduated from the School of Visual Arts with her Master of Fine Arts in 1998. ArtBistro Portfolio
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Valerie Atkisson / ArtBistro
I’ve done my own taxes for years now. As an artist, at least a portion of my income has come under self-employment. I would love to pay someone to do this for me, but there was a mound of work just to prepare it for the accountant. By the time I got all of that information in order, added up, divided and subtracted, it seemed to me that the easiest part was left, filling in the blanks. On tax day, I always have my favorite music playing and a bowl of my favorite treats (chocolate covered strawberries). Spoil yourself to get through it!
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It is always a good idea to have an account do your taxes for you. It may be costly if you make mistakes. But if you want to go for it on your own, here are some tips:
The best way to cut down the work on tax day is to be organized.
I always figure out my W-2 portion first. When that is done I work on my Schedule C.
Schedule C
Calculate income
Add up expenses that you have receipts for, to deduct.
Fill in the blanks and follow directions: make sure that you carefully read the instructions.
If you made a profit of $400 or more (line 31 on Schedule), you need to fill out a Schedule SE to calculate how much tax you owe from your business.
Don’t forget to deduct half of that number on the 1040 line 27.
Don’t rely on what someone tells you. If you have a question start on your taxes early enough to have time to call the IRS or email them a question.
Remember:
In many states you can get a tax exempt form as a self-employed person. You will be assigned a number. When you purchase supplies you can give this to the store, show the cirtificate and you will not be charged sales tax.
tuesday
2 months ago
218 comments
The key is organization. Have file folders labeled so you can easily dispense your receipts into them. Label your files. For example: Office expense, Supplies, Meals and Entertainment, Mileage, Insurance, Telephone Expense, Keep record of deposits- anything that has to do with your business.
Hope this helps.
FredChuang
9 months ago
2 comments
Use TURBOTAX...it's very easy and comprehensive. I've used it for years, and it's really worth the $35, IMHO
inkaspies
11 months ago
28 comments
Hey. I am going through my own "first time" at being a self employed artist. I just completed my first major gig for a hospital. I have cranky subcontracted employees and am dealing my taxes for the first time. Thanks for the great advice! It helps in my moment of need.
anotherGauguin
12 months ago
970 comments
Very informative article. To date, I have never been able to earn enough to experience the Staus of paying Tax. Sold a few paintings here and there. Just enough to reload my art supllies.
gooberita
over 2 years ago
260 comments
really good info. thanks for the tax tips. I would luv luv luv not to have to pay sales tax on art supplies!