Top Tweets for #Artistfinance
The HITS Act Explained for Indie Musicians (No Law Degree Required) https://t.co/nk4BJ28G3W #HITSAct #IndieMusician #MusicBusiness #ArtistFinance #RecordingStudioLife #MusicIndustryMiddleClass #ArtistOwnership #MusicTaxes #ArtistInfrastructure #SustainableMusic #MusicEntrepreneur
Being an artist is about expression,
but managing assets is also part of self-expression.
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One of the many struggles of becoming an independent musician is not getting enough funds to establish their career. Worry no more, we're help to help.
Kick start that great music NOW!
#FAF #artistfinance #musicfinance #musician #musicfunds
For a home office deduction, use of the space has to be ONLY business related (no personal files in the closet!) @KraftCPAs #artistfinance
$3-10k gross sales need minimal activity license and over $10k needs biz tax license @KraftCPAs #artistfinance
Artists: may need to file Sales & Use Tax if you're selling tangible property or some services #artistfinance @KraftCPAs
Rule of thumb for online sales is that you have to have a physical presence in that state to owe sales tax to it @KraftCPAs #artistfinance
Begin tracking your financial activity immediately. Even an Excel spreadsheet is a good place to start! #Artistfinance
Quickbooks geared for businesses while Quicken is better for personal Other apps work too! Make sure they are QB compatible #Artistfinance
Taking a photo of a receipt is a great way to save the record without having to keep loose paper lying around @KraftCPAs #Artistfinance
3 things you'll need for a mortgage app: income tax returns and balance sheet + income statement for your business #Artistfinance
Consider creating a separate legal entity to protect yourself from liability in your arts business #Artistfinance
Artists donating their art can only deduct the cost of materials, not value of the piece @KraftCPAs #artistfinance
Art sole proprietorship = business activity is reported on Schedule C of your personal Form 1040 @NashvilleBallet @KraftCPAs #artistfinance
Self employment taxes can be a big surprise for folks that are used to getting a W-2 so plan for them if you go solo! #artistfinance
You may deduct part of your cell phone bill as a business expense is you use it for your arts business! @KraftCPAs #artistfinance
Sounds simple, but a balance sheet must actually balance assets and liabilities :) They should be the same number :) #Artistfinance
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