Posts tagged as:

Hannah Cole

The SEP IRA: A Lovesong

by Hannah Cole on March 8, 2017
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We freelancers pay a lot of tax. We don’t just pay an income tax rate of anywhere from 0 to 39% on our freelance income – we also pay a flat 15.3% self-employment tax, no matter what our income bracket. Without tax planning, this can be a huge bite.

As artists and cultural workers, our freelancer tax strategy is generally to reduce the amount of our taxable self-employment income as much as legally possible. Tax planning is hard, because it’s about saving small bits in many places. There are few silver bullets.

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Rent Too Damn High? Deduct Your Home Studio.

by Hannah Cole on February 6, 2017
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One of the best tax breaks out there is the home office (or home studio) deduction. In tax terms, this essentially turns a portion of your nondeductible personal expenses (your home) into deductible business expenses (a workplace). A lot of people are confused about the rules, and some people are scared to take the deduction at all because they’ve heard that it can be a red flag to the IRS. As long as you are following the rules correctly, there is nothing wrong with taking the deduction. And it’s a big one! So here is some help.

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Art F City and NYSRP Present: Taxes for Artists with Accountant Hannah Cole

by The AFC Staff on January 19, 2017
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Art F City and the New York Studio Residency Program (NYSRP) present Taxes for Artists, a talk by accountant and artist Hannah Cole. Cole is a tax expert who specializes in working with creative businesses and artists. A long-time working artist with a high-level exhibition history, Hannah has a unique vantage point for understanding the financial challenges of freelancers and small creative businesses.

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The Nitty Gritty: How To Prepare for Filing Your Taxes

by Hannah Cole on January 19, 2017
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Nobody likes filing taxes. But thinking ahead and getting your documents lined up reduce the stress of the process. Here are some key ways to prepare yourself for tax season, and get you ready to sit down to your own tax prep software or deliver an organized package to your tax preparer.

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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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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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This Week’s Must-See Art Events: No Excuse to Miss the Creative Time Summit

by Whitney Kimball on November 10, 2014
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This week provides us with a couple good reasons to go to Bushwick, a couple good reasons to consider fucking (if needed), and no excuses to miss this weekend’s Creative Time Summit (it’s livestreaming). We’ll also be attending a seminar on erasing bad memories and a film on 1970s gentrification. It’s a strange week.

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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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