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Getting Organized: Financial Resolutions for Artists in 2017

by Hannah Cole on January 6, 2017
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As we enter a the new year, let’s take time to think about the priorities in our arts practices, and in our personal lives. You may roll your eyes at the idea of New Year’s resolutions, but there is evidence that writing down your goals actually helps you achieve them. So grab a pen, and let’s put some intention into 2017.

In my interview with artist Susan Crile about her eight year ordeal defending herself in US Tax Court, there was a lot of discussion about keeping records to prove the profit motive in one’s art practice. It brings up a good question for most of us: how are we doing on our own record keeping? If the IRS sent an audit letter tomorrow, would you feel good about the shape that your records are in? If the answer is not good, don’t panic. Here is a list of what you will need, and some thoughts on how to improve your record keeping going forward.

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An Audit Nightmare Turned Artist Victory: An Interview With Susan Crile

by Hannah Cole on December 15, 2016
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If your arts practice loses money for more than a couple years, the IRS may question the legitimacy of the business – specifically, the profit motive. Typically, they reclassify such a business as a hobby, and disallow the artist from expensing deductions past the point of their income from the activity. That’s bad news for any artist, but it was a near nightmare scenario for artist Susan Crile.

Crile spent eight years in tax court (from 2005-2013), defending her right to take losses. In this interview, we discuss how she proved her case, what it took, and what she recommends for artists in a similar position.

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Your Miami Tax Guide: Yes, You Can Deduct That Piña Colada

by Hannah Cole on November 29, 2016
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After a few weeks diligently absorbing the dark, awful post-election news, I’m ready to turn my attention to fun, sun, and travel deductions for the Miami art fairs.

Let’s talk!

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What Makes An Artist Special? Nothing, According to the IRS

by Hannah Cole on October 18, 2016
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Being poor for art has a shelf life. It’s important to be brave enough to sacrifice income potential to follow your dreams, but to make a career in the arts happen, eventually a sustainable income and lifestyle has to be secured. Part of getting there, is knowing how to handle your taxes. Learning the ins and outs of this part of your practice will help you get through the tough times and the boom times.

We’ve had both over here at AFC, so we thought a few questions to an accountant might be useful not just for our readers, but for our own, self-serving purposes. In the following Q&A we tried to discern what, if anything was unique about artists taxes, how creatives can get the biggest tax breaks, and whether they should attempt to do their taxes on their own.

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Can I Get a Tax Deduction For the Artwork I Donated? Short Answer, No

by Hannah Cole on October 4, 2016
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Here’s the scenario: Your friend at Charity X wants you to donate one of your paintings to their upcoming fundraising auction. You’re on the fence, but she mentions the tax deduction, and so you agree. After your painting sells at the event, you get a letter from Charity X, intended for your tax records, stating the price your piece sold for.

This scenario is misleading to the artist.

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AFC Spotlight: AFC’s Resident Designer Opens a Gallery

by Whitney Kimball on October 29, 2014
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If you appreciate the simple brilliance of making a ham slice evoke a Helen Frankenthaler painting (and we do) then you may need to see this sensibility applied to curating.

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Beyond Chelsea And The Lower East Side: The West Village Gallery Round-Up Part 2

by Emily Colucci on September 23, 2016
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Continuing my exploration of the West Village galleries’ September shows, I ventured above Houston Street to Maccarone and White Columns.

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Opening Night Recap From Rachel Stern’s “Nude Artists as Pandas” Exhibition

by The AFC Staff on December 11, 2014
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The prints are here! Tuesday night Art F City launched our one-night-only exhibition and reception of Rachel Stern’s “Nude Artists as Pandas” at Sargent’s Daughters. One of New York’s fastest rising stars, Stern has shown at Daniel Cooney Fine Art, Invisible Exports, and Humble Arts Foundation. This summer, she spent two months in Maine, at one of the world’s most prestigious residencies, Skowhegan.

The launch attracted art-worlders shot by Stern such as Martha Wilson, Nayland Blake, Jason Andrews, and Allegra LaViola along with luminaries like William Powhida, Ben Davis and Kat Griefen. All were recorded for posterity by photographer Christian Grattan.

The series above is available as a suite of 12 limited-edition photographs or as individual prints. For purchase options visit our donation page. For more information reach out to paddy@artfcity.com.

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The Armory: In-N-Out

by The AFC Staff on January 7, 2013
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Here at AFC we like to carry on traditions worth repeating. One such tradition is Art Market Views’s annual summation of galleries joining and leaving the fairs. Editor Lindsay Pollock is now Art in America’s Editor-in-Chief, so we’re picking up this one up in her absence and, as it happens, just in time for the Armory show.

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