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Tax Tips For Artists

  • February 7, 2016
TAX TIPS FOR ARTISTS
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It is that time of year again–tax season, and in honor of the season, ACT has put together a list of a few tax tips for small business owners.

Tip #1

You can deduct business expenses, including the expense of purchasing liability insurance. In order for a business expense to be deductible, it must be considered both ordinary and necessary. This means that it must be an expense that is considered normal for the industry, and it must offer your business an important (though not necessarily indispensable) benefit. Liability insurance usually falls under these categories.

Other expenses you might not have thought of include the cost of travel and lodging when you go out of town for art shows and conferences, or if you go to lunch with other artists to discuss ideas to improve your business.

For more information on deducting business expenses visit the IRS website.

Tip #2

Remember that you must keep records of all of your business transactions going back at least three years. This is essential in case you are selected for an audit. It will also make your life easier when it comes time to calculate your business expenses.

Tip #3

Be honest and report your cash income. This will protect you and your business in the long run.

Of course, we at BBI are insurance experts and not tax experts, so if you have questions about this information or need more information about preparing your taxes.

If you would like more information about liability insurance for massage therapists, cosmetologists, estheticians, or other bodywork professionals, visit our homepage.

Happy filing!

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Check Out Our Most Recent Blog

ACT Spotlight artist, Joan Radell, shows off her showing machine with all of her sewing tools she has invented and sells at craft shows.

Finding Purpose in Unexpected Places

Joan Radell combines creativity with practicality as her unusual sewing tools help crafters stitch together beautiful works of art.

See What People Are Saying

Excellent insurance. Fast and straightforward.
Obtaining insurance for my event was fast and seamless. Thank you for allowing me time to focus on my art and less on logistics.
Lisa Q.Real People. Real Artists.
We Love Act Insurance
We have used Act Insurance for a couple of years now.... ...We immediately have access to our policy and any past policies are kept in your online account for future reference if needed. It makes things so easy and they have been very reliable! Definitely recommend using them.
R.B.Real People. Real Artists.
I spoke with Melissa who was awesome in helping me. She was understanding of my concerns and took the time to answer all of my questions and was extremely professional.
Peggy L.Real People. Real Artists.
Easy And Fast To Get Covered
Very easy to get covered through Act Insurance! It was cheaper than other places I checked and they were very quick in getting us covered.
Cheryl C.Real People. Real Artists.
Great Service!
The online process was fast and efficient. They provided all tge necessary documents I needed.
Trusted CustomerReal People. Real Artists.
Easy To Use And Keep In Place At An Affordable Price
I have referred fellow crafters to it, as the policies which they were getting through their regular insurance agents were over twice as much and did not cover as much.
Lynn W.Real People. Real Artists.
It Was So Very Fast And Easy! TY
It was a very user friendly transaction! I thank you!
Trusted CustomerReal People. Real Artists.
Highly Recommend
Website is easy to use; process is simple and straightforward. This is my second time purchasing a short-term policy and would definitely do it again.
Patricia N.Real People. Real Artists.
Good Communication, Ease Of Policy Renewal
Emails alerted me clearly about policy renewal and allowed me to do nothing in order for the rollover to occur — very easy!
Trusted CustomerReal People. Real Artists.

Contact Us

ACT Insurance

(Artists, Crafters & Tradesmen)
260 South 2500 West Suite 303
Pleasant Grove UT, 84062

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