As an Artist or Creative Tax Season can be daunting or seem limiting to the untrained eye. It’s not uncommon to owe money back to the IRS at the end of the year if quarterly payments are not made as a business or as an individual/sole proprietor if you’re doing contractual work. However, the truth is Tax deductions, if you know what to look for, can be a taxpayer's best friend. Understanding the intricacies of tax deductions can empower taxpayers to make informed decisions and optimize their financial strategies throughout the year including budgeting, tracking, and correct allocations. Now, you may be saying to yourself, “I can only do but some much!” Let’s take a closer look. What are Tax Deductions? Tax deductions are expenses or contributions that taxpayers can subtract from their gross income that reduces the amount of income subject to taxation. Here are common Tax Deductions. Standard Deduction: The standard deduction is a fixed amount that taxpayers can ...
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