Tax time isn’t fun for most people, but it’s especially hard on artists who have a diverse range of income from freelance jobs, gigs, commissions and part time jobs. That’s why every tax season, our Professional Development Program offers a workshop to help artists with their returns. On February 22nd, Creative Capital will host a workshop with Sandra Karas, an attorney specializing in taxes and financial planning (sign up here).
To get an idea of what she would be discussing, Sandra was kind enough to take some time out of her seasonably packed schedule to answer some questions!
Alex Teplitzky: Preparing taxes is especially difficult for artists. Can you give us 3 quick tips artists need to know before preparing their returns?
Sandra Karas: Organize! Organize! Organize! Those are the best 3 tips for any artistic professional, especially those who are self-employed or are independent contractors. If you don’t organize your records, who will? And if you don’t, you’ll lose valuable deductions on your individual and business tax returns.
Keep careful records of your expenditures and the receipts that prove that you spent the money. Conduct yourself as a consummate business professional, so that your website, promotional efforts, business bank account and other indications of your standing in the community are unimpeachable.