I’ve been getting a lot of questions about tax deductions from artists lately so I just wanted to address them in the blog this week. Let me preface this by saying I am not a CPA (Certified Public Accountant / aka Tax Guru) and am only giving mere suggestions here in this blog. Please seek tax advice from your accountant.
So you’re an artist and you have expenses, you probably file a Schedule C for your art practice where you deduct studio rent, studio utilities, health insurance, supplies, production expenses, pedestals, framing, contract labor, shipping, crating, photography documentation, software, archiving expenses like flat files, etc.
Here are some other areas to also consider (and ask your accountant about):
Research - music, video rentals, movies, books, museum entry fees (ask yourself if they play a role in your own art-making)
Art magazine subscriptions
Work clothes like coveralls
Lunch for studio workers
Parking while on business errands
Interest expense on your business credit cards
Bank fees for your business checking
Unfortunately fancy clothes for your opening not deductible
IRS Circular 230 Disclosure: Any written tax advice contained herein was not written or intended to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.