Well, happy 2010! And to begin this year, why, here's some not so great news! (Sorry gang!). I just want you to be aware (those of you in the U.S.) of some income tax changes for artists, crafts persons, performers and writers. According to Julie Herwitt, CPA:
To read the rest of the article, and to find out how to best deal with these new changes, please visit the Chicago Artists Resource website: http://chicagoartistsresource.org/dance/node/24642. And please, don't shoot the messenger...I promise to post uplifting, life-changing, inspirational and totally awesome things really soon!
Cheers,
Mira
The IRS has announced that starting in November 2009 it will begin a special initiative to audit individual income tax returns with Schedule C’s that show a loss. (The Schedule C is the tax form most artists use to report their business income and related expenses). Additionally, the IRS has stated it plans to focus on certain industries in these audits, including craft sales, photography, art, and writing. Therefore, artists, performers, and writers need to be extra diligent in their record keeping.
Cheers,
Mira