Popular Creativity Is My Business: A Financial Organizer for Freelance Artists, Musicians,
- 6 years ago
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TAX HELP FOR CREATIVE PEOPLE The IRS classifies creative activities as a hobby, claiming that those who write, play music, take pictures, create art and sell their crafts do it for fun, not as a business. And, when a person participates in creative activities part-time, this is a hard label to dodge, unless you keep proper records. Hobby income, according to IRS rules, must be reported as miscellaneous income, a tax category with strict limitations on deductions. This book will show you how to avoid that hobby classification, teach you how to keep business-like records, and help you survive a tax audit. Tracking income and expenses on creative activities is the same whether you re reporting hobby or business income. It must be done according to IRS rules if you expect to survive an audit, and both groups will benefit from using this organizer to keep proper records. Creativity Is My Business explains what creative people are allowed to deduct, when travel and research expenses can be taken, how to document your creative activities, and exactly what it takes to survive a tax audit. No computer, special math or bookkeeping skills are required. Maintain this organizer regularly and you should be done in less than 20 minutes each month; and, when tax time rolls around it will take you less than an hour to get ready for your tax professional. All of the forms necessary for recordkeeping, as well as preparing annual income and expense figures for tax preparation, and documenting time spent on creative activities are included. The creative freelancer simply posts all records into this organizer, which can then be used by his or her tax preparer to produce an audit-proof tax return.
TAX HELP FOR CREATIVE PEOPLE The IRS classifies creative activities as a hobby, claiming that those who write, play music, take pictures, create art and sell their crafts do it for fun, not as a business. And, when a person participates in creative activities part-time, this is a hard label to dodge, unless you keep proper records. Hobby income, according to IRS rules, must be reported as miscellaneous income, a tax category with strict limitations on deductions. This book will show you how to avoid that hobby classification, teach you how to keep business-like records, and help you survive a tax audit. Tracking income and expenses on creative activities is the same whether you re reporting hobby or business income. It must be done according to IRS rules if you expect to survive an audit, and both groups will benefit from using this organizer to keep proper records. Creativity Is My Business explains what creative people are allowed to deduct, when travel and research expenses can be taken, how to document your creative activities, and exactly what it takes to survive a tax audit. No computer, special math or bookkeeping skills are required. Maintain this organizer regularly and you should be done in less than 20 minutes each month; and, when tax time rolls around it will take you less than an hour to get ready for your tax professional. All of the forms necessary for recordkeeping, as well as preparing annual income and expense figures for tax preparation, and documenting time spent on creative activities are included. The creative freelancer simply posts all records into this organizer, which can then be used by his or her tax preparer to produce an audit-proof tax return.