Is your art a business or a hobby?
Hannah talks with Laura Griffin and Nikki May of Startist Society about her roots as an artist and about establishing a profit motive for your art business. She chats about empowerment for artists and how she got started in accounting after some bad experiences she had as an artist.
What should you use to track expenses? How and what expenses are deductible? Can donated artwork be deducted? Do I need to collect sales tax? Find out the answers in this podcast interview relevant to creative freelancers in the US.
Hannah discusses what things in nature and the outside world inspire her as an artist and how to slow down to look at things that most people don’t notice. How does she choose what she paints in her art practice?
They talk about using your left brain vs. right brain and balancing art and your business practice. Hannah goes into depth about how to show the IRS that your art is a business and not a hobby. They discuss how to show a profit motive through your activities and record-keeping—even if your business is not yet generating a profit.
Hannah gives specific information about tracking business expenses and receipts with examples that pertain to creative people. She also discusses how LLCs are legal and not a tax entities. They explore how to prevent tax audits and common deductible expenses, including details about mileage, business meals, donations, etc.
Money Bootcamp is an annual membership for creators to get you set up right and tracking all the right things without wasting your time. You'll have more time for creative pursuits when you stop worrying about your finances and money.
