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The Truth About Taxes for Artists

May 27, 2011 | Comments: 0 | Views: 123

It's tax time so here are some suggestions for doing your taxes as an actor and artist!

First and foremost, there are many places where you can do your federal taxes and your state taxes for FREE. Be careful when choosing one and make sure you understand all the steps you are asked to take as you do your taxes.

These free versions have requirements that you must meet before you use them. Usually they involve your age and how much you make a year. If you are an artist in school no matter what age you are, you almost always qualify for them and if you make under $30,000 a year you also have a good chance, regardless of your age, to qualify for them.

1. To find these free programs for your specific state go to Google and type in File (State) taxes online.

2. Look for the government website and look for a link on how to e-file your taxes. These websites will either have a way to file that state's taxes right there or lead you to websites that will do your taxes for free if you qualify.

You should never have to pay to do your taxes if you make under $30,000 a year, NEVER!!

If you are still in school it makes the most sense to take a standard deduction.

A standard deduction is a standard amount of money that you will claim that will not be taxed. This amount is the same federally for everyone but changes from state to state. Usually if you such a little amount there is no way an itemized deduction will really benefit you simple because you don't spend enough money.

If you are not in school or you make more than $30,000 a year then paying for a tax program or having an accountant do your taxes for you is probably a good idea.

If you are an artist you are basically your own business and you can claim almost anything you spend pertaining to that business on your taxes. You can claim food, travel, and entertainment. You can claim the money you spend on supplies for headshots and sculptures. To do this you need to keep all your receipts for that year so you can file these amounts accurately. This whole process can be confusing and extremely difficult so getting help is always a good idea. Also the IRS tends to keep there eye on people who run their won businesses' so being accurate and having someone to help if you get audited can be a god send.

Source: EzineArticles
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