Ah, it is January 2013, time to start gathering all your tax information in preparation for filing. But, of course you were getting all this information together throughout the year so that you didn’t have to do it all at once, and to help ensure it is accurate! Cause artists are known for being super organized and harbor a deep love of doing all things paper-work related. (Cue sarcasm)
Below is a list of ten items that you should be aware of when going through those receipts in drawers and boxes you have stashed over the past year.
- Magazines – That’s right, any magazine that you purchase to read more about your chosen profession, or submit your art to is allowed.
- Entry Fees – Time to dig out the information you filed away back in March of 2012 to enter your work in that competition.
- Art Supplies – Must have to make art. Anything and everything required to make your chosen art is deductable.
- A portion of your rent/mortgage – You will find the necessary information on your Schedule C form, if you work out of your home and can take the Home Office Deduction.
- Internet – Percentage of cost you use for business. Related to the Home Office Deduction.
- Hardware – Computer Hardware that is. Did get a new Printer last year? A Camera?
- Maintenance – Upkeep of studio/office space, such as necessary floor covering, or wall paint.
- Office Supplies – Paper used in printer, ink, envelopes etc… that are a all part of business.
- Postage – Cost of postage for work sold, or for shipping to shows.
- Travel Cost – Did you need to make a run somewhere to participate in a business activity?
*Note- I am not a tax attorney, so be sure to contact a legal professional if necessary