Art Business: Taxes and bookkeeping for artists

I've often come across artists who tell me they're not good at bookkeeping or keeping track of their records of income and expenditure for tax purposes.

I vividly remember one evening spent trying to help a friend who was a master silversmith get his accounts together and being faced by his shoeboxes full of invoices and receipts.......

Anyway - I came across this video and it seemed like one which a lot of people might watch if this is an area where you'd like to do better.

It contains a lot of practical and valuable advice about what you can and cannot do.

Bear in mind this is an American accountant talking about what American artists can and cannot do - however for the most part the general principles are the same in most countries.

It provides a checklist of things to review for the purposes of what you can claim against tax and how you need to spread expenses against income.  Obviously sales tax is very specific to the country or state you live in.


Taxes & Bookkeeping for Artists - Steven Goldglit from New York Academy of Art on Vimeo.