Posts tagged as:

taxes

How Donald Trump’s Tax Plan Will Effect Arts Workers: There’s Bad Stuff Coming

by Hannah Cole on November 15, 2016
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It’s been a terrible week. Tuesday’s election of Donald Trump has already damaged the emotional wellbeing of our country and its citizens. He will do much worse in the long term.

Most immediately, many of us are feeling wrecked. I include myself in that group. I had envisioned taking my daughters to the inauguration of the first woman President, and assured them that a bully and an abuser would not be chosen by the American people. Not only will we not see the inauguration of the first woman President, but a bully and an abuser has been chosen by the American people. This is not the history I’d hoped my children would live through.

In the long term, it’s less clear what this means for us as a nation. There’s no way to predict the future, but if we want to see any kind of positive outcome we have to start organizing now. There are a lot of ways to participate. We can join protests, reach out to our neighbors. My weapon of choice, though, is to begin with the process of self-education. We can’t fight against powers we don’t understand. As a tax expert, I intend to help.

With the upcoming push for regressive tax legislation, it’s important to understand what’s being proposed and how it will affect us both as individuals and in the professional field in which we’ve invested our lives. Some of these changes may have a profound impact on both the high and low ends of the art market and non-profit sectors, so we need to be prepared.

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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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An Artist’s Guide to the Democratic Primaries

by Michael Anthony Farley on April 8, 2016
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In this increasingly heated primary contest, two of the issues that impact our readers most haven’t exactly been hot-button topics. Candidates rarely discuss funding for the arts or affordable housing in the nation’s rapidly-gentrifying cities.

New Yorkers head to the polls Tuesday, April 19th, and the art school meccas of Providence, Baltimore, Philadelphia, and New Haven will be casting their ballots one week later, on April 27th. The Democratic race for New York has been especially tense, with the April 14th debate at Brooklyn Navy Yard looming on the horizon. How in touch are the candidates with issues pertinent to our readers? For starters, neither one knows how to ride the subway. But both have been staunch advocates for the arts and make claims that they’ll tackle the nation’s affordable housing crisis. I’ve done some digging on how their records on those issues stack up.

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The Fiscal Cliff Frenzy Reaches Non-Profits

by Corinna Kirsch on November 29, 2012
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Darn that looming “fiscal cliff”. We’re all worried about what will happen if a number of a laws, which, if unchanged, could result in tax increases and spending cuts that will affect our economy in 2013. Even non-profits have started stressing about how Congress’ upcoming actions to prevent “the most tedious conversation topic ever” might hit close to home.

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