Posts tagged as:

taxes

Set up For Your Best Year Ever: A Tax Day How-To

by Hannah Cole on April 18, 2017
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Here we are at Tax Day. Your taxes are filed. (They aren’t? Here’s an IRS extension form – postmark it today. You’ll need one for your state, too.)

Last year you vowed to get your stuff in order. Then suddenly the tax deadline was upon you, and you scrambled through the process, and weren’t as careful as you intended to be. You suspected you should have been paying estimated quarterly taxes all year, but didn’t, and now your tax bill is surprisingly high.

Now that the time pressure is off, let’s take a look at how you can make this year better. Plus some discounts on apps that can help you.

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Charitable Deductions for You, Me and Warren Buffet

by Hannah Cole on April 4, 2017
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What’s the difference between standard and itemized tax deductions? An Itemized tax deduction is what rich people use to write-off their charitable giving. And, maybe, you could too.

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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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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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