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Wednesday, January 6, 2010

Changes in 2009 US taxes for artists

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.

If you consistently show a profit for your art business, even a small
one, you are probably going to be ok.  The precautions suggested in the
article, though, wouldn't hurt any of us who file taxes as self-employed