Did you just open a business, start freelancing or receive a “1099 Form” for the first time? Congratulations on joining the ranks of the self-employed. You have earned the privilege of paying estimated taxes directly to the IRS, and perhaps your state as well. The skinny: Read more
Image Source: Anna Rosenfield; appears in Finance for Artists
I like to think that Larson Gunness is to financial planning what I am to accounting: completely professional AND totally bucking the stereotypes. Larson has worked for years in the investment field and is NOT your button downed guy pushing the latest stock or insurance product. To the contrary, he has authored the colorful, informative and unique as unique gets site — Finance for Artists.
The site reflects Larson’s love of writing and his passion for helping fellow artists. There is a non-technical glossary, (“accountant: a professional who keeps you out of debtor’s prison”.) and hilariously familiar case studies that teach you stuff: Here Art talks to his accountant:
“I don’t want to go to prison,” Art says again. Only this time, Read more
Here is the slide show for the webinar I presented for “Ignition: Transform your Art Passion into Business”.
Some of the topics addressed:
Tax deductions for artists; minimizing audit risk; incorporation options; record-keeping;
I love doing these; let me know if you want me to speak, in person or remotely, to a receptive audience you are familiar with. View the slideshow: Read more
I recently conducted a fascinating webinar (really) on “Sales Tax for Artists”. It was sponsored by Xanadu Gallery in Scottsdale Arizona. The topics covered include: nexus; internet sales tax; minimizing exposure; resale certificates; and accounting for sales tax. Click more below to view the slideshow on artists and sales taxes. Read more
For many of us, these are the most economically uncertain of times. Sure there are never any guarantees, but the last few years seem to have had a sharper edge. If not already financially strapped, we are less confident about the future. How then to save or plan? Read more
“I want to open a business with my friends.”
GREAT! And – How you structure it is of vital importance — both to the business and to your friendships. If you want both to prosper it’s critical to think forward– how could things go wrong even if they go right? Read more
Yes. It’s true. This is not April’s Fools.
What? Didn’t I just breathe a sigh of relief because the sales tax was not expanded dramatically? Yes. But I am talking about income taxes – and what happened last year that is already affecting you.
Specifically, in 2010 the state legislature quietly overhauled Rhode Island’s income tax structure. Rates – especially the top rates – were “flattened”. The stated goal was to make RI competitive with other nearby states for high income taxpayers. Top rates dropped from almost 10% to less than 6%.
BUT – mindful of the budget, this overhaul was “revenue neutral”. What does this mean, Senator. Read more
It is quite possible you are not getting as much “value” out of your little pumpkin as you could. No, I am not suggesting sending her out to work – yet. I am talking about squeezing some extra dollars out of tax credits that are passing you by.
Most parents know that you can take a credit for childcare when you file your taxes. However, a far more lucrative option is to find out if your employer offers a pre-tax” cafeteria plan” with a dependent care option. Why? Read more
Indeed. Yours truly, self and other styled “Zen Mensch CPA” was interviewed by a local cable show, “One Hour With Bob”. I talked about my background and some tax issues. The show airs in Rhode Island starting Thursday March 3 and plays at various times through the next week — may be extended to two weeks. An Hour with Bob airs Thursday at 11pm, Friday at 10pm, Sat at 1pm on 13, 32, 49. Also on Sat at 11pm and Mon at 10:30pm on Cox 18 and Verizon 31 and 2. Fall River Wed 6 PM Channel 95.
photo by "jnyemb" (Flicker Name) under Creative Commons license
I was recently interviewed by Kevin Grover, of the Kevlor Marketing Group (contact information below). Kevin is also co-owner of Divorce Resource Center of RI, an outstanding local resource (www.drcri.net)
Q: How should I calculate the percentage or ratio of the area of my home, apartment and home business expenses that I can legally deduct and use as a tax deduction and write off?
A: Use a tape measure… Literally! Measure the square footage of the interior of your home or apartment and then calculate the space of your home office in square footage, and you’ll determine the percentage of your entire home or apartment that it represents.
Example: Divide the little number by the big number. For example: 108 sq. ft. office (9x12ft. room) / 400 sq. ft. home equals .27 or 27%. That 27 % is the number your accountant will need.
Q: My business is Incorporated (S Corp., C Corp.). Does that matter? Read more