tag:blogger.com,1999:blog-30832682.post1145070242381389915..comments2024-03-03T15:01:00.402-05:00Comments on Joanne Mattera Art Blog: Marketing Mondays: Tax TimeUnknownnoreply@blogger.comBlogger18125tag:blogger.com,1999:blog-30832682.post-20209326255512590862010-04-06T23:08:17.006-04:002010-04-06T23:08:17.006-04:00You are proof that you just have to find a method....You are proof that you just have to find a method...any method that works for you...and stick with it. For some, fancy computer programs are the way to go, for others a simple pencil and a ledger do the job. <br /><br />There are so many options available! You just have to find the right one for you and your business.<br /><br />Great article, thanks for sharing!<br />HollyHollyhttps://www.blogger.com/profile/03933117145535064040noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-66997656538361916752010-03-31T12:54:52.148-04:002010-03-31T12:54:52.148-04:00I admire your diligence in recordkeeping, Joanne. ...I admire your diligence in recordkeeping, Joanne. I spent all day yesterday just getting my checkbook up to date and now have to finish expenses for my two businesses. 2010 has got to be better, ducks-in-a-row-wise.<br /><br />If you're an independent businessperson of any stripe, a competent, reputable accountant is worth her or his weight in gold and helps boost your IRS cred. I'm luckyKim Matthewshttp://kimmatthewsart.comnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-37236672038505455002010-03-30T14:13:46.186-04:002010-03-30T14:13:46.186-04:00Joanne: Another winning post. I am a QuickBooks an...Joanne: Another winning post. I am a QuickBooks and bookkeeper devotee. After years of doing it myself, I splurged on hiring a bookkeeper. Because I have a lot of online sales, she helps me keep track of those. Also, because she works every week, it keeps me on task to stay up to date with everything. Not everyone needs an ongoing bookkeeper. I also have a CPA who does year-end corporate and Alyson B. Stanfieldhttp://www.artbizblog.comnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-72406579236216073042010-03-29T23:17:52.369-04:002010-03-29T23:17:52.369-04:00I have used both Quickbooks and Quicken. I find Q...I have used both Quickbooks and Quicken. I find Quickbooks has better invoices to input sales and send receipts to clients and galleries. When input at the time of the sale it can help me see how I am doing in different venues compared to other years. Plus keep track of my monthly income. <br />What is nice about Quicken is the electronic access to bank accounts and credit card statements. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-18743389629142397322010-03-29T19:53:35.483-04:002010-03-29T19:53:35.483-04:00422 Tax Deductions for Businesses and Self Employe...422 Tax Deductions for Businesses and Self Employed Individuals<br /><br />One of the best little books, updated yearly, for the artist who is doing their own taxes.Lyrichttps://www.blogger.com/profile/01341146111158826868noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-75938312763456450052010-03-29T15:56:55.612-04:002010-03-29T15:56:55.612-04:00Anon,
You have opened a whole new vista with incor...Anon,<br />You have opened a whole new vista with incorporation! I've always wondered what it would be like to pay myself a salary . . .<br /><br />Re food: You can only deduct a percentage, that's correct (and that's why people need to discuss all of this with their tax professional). Alternatively, there's the food per diem, which changes depending on the city in which you'Joanne Matterahttps://www.blogger.com/profile/02564594823192456546noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-52056635909483767162010-03-29T15:41:52.247-04:002010-03-29T15:41:52.247-04:00Hey Joanne and MM regulars --
Two artists + three...Hey Joanne and MM regulars --<br /><br />Two artists + three assistants sending work to over 50 different places around the country makes for lots of transactions. I used to type every receipt into Quicken manually, but figured "there must be a better way!" in this electronic age. So two years ago I switched banks to one that would interface with Quicken. Now I just periodically Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-84460078973605995382010-03-29T14:43:08.318-04:002010-03-29T14:43:08.318-04:00Joanne,
I was happy to read that we share the same...Joanne,<br />I was happy to read that we share the same low tech but up to the minute method to keep track of tax deductible expenses. I love numbers and doing this sort of record keeping is actually fun for me!<br />I was audited about 20 years ago and the IRS ended up owing me $50. They have never darkened my door step again -- and please don't tell my accountant about any of the fees you Leslie Neumannhttp://www.LeslieNeumann.comnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-22119806275497096942010-03-29T13:54:35.373-04:002010-03-29T13:54:35.373-04:00Sorry to hog the space, but, yes, my sister (also ...Sorry to hog the space, but, yes, my sister (also an artist) was audited about 5 years ago and believe me, I don't know which level of hell it is, but it's way down there. The one thing I learned from watching her agony was: Do Not Attempt To Represent Yourself. That said, you will still be in hell trying to justify all the bits of this and that that will be questioned. If you let your LXVhttps://www.blogger.com/profile/18396149640519096992noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-63257699118623640892010-03-29T13:42:30.526-04:002010-03-29T13:42:30.526-04:00Joanne, Great work. Since I just got back from my ...Joanne, Great work. Since I just got back from my tax appointment, I'm breathing again, so I'll comment here. <br /><br />First of all, for many of the reasons you mention (small business, office in the home, quirky not-run-of-the-mill type expenses, etc.) I wouldn't dream of doing my own taxes. Not only that, but the annual changes in tax law make it such a moving target, I would be LXVhttps://www.blogger.com/profile/18396149640519096992noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-6867751128845133042010-03-29T11:52:00.341-04:002010-03-29T11:52:00.341-04:00I fall into the category of throwing all my receip...I fall into the category of throwing all my receipts in a drawer and sorting through those and the credit card/debit statements at the end of the year. Well, in April. Um, actually in August, since we usually end up filing an extension:) Anyway, I note each expense in a ledger, I keep thinking I should do get all that on Quicken or something but am hesitant about having even MORE to do on the Tracy Helgesonhttps://www.blogger.com/profile/07510044613771862211noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-84866261865679546122010-03-29T11:37:04.457-04:002010-03-29T11:37:04.457-04:00"De-frickin-ductible"
Joanne, now YOU h..."De-frickin-ductible"<br /><br />Joanne, now YOU have a way with words!<br /><br />I just finished adding up my receipt piles (and sadly I don't do it regularly during the preceding year the way I should to keep it from being overwhelming). It does drive one to creating new words to describe the special delights of tax time.Philip Kochhttps://www.blogger.com/profile/05191070779177407750noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-32908237245624791342010-03-29T11:09:11.463-04:002010-03-29T11:09:11.463-04:00Talk about your financial mosaic. We've got so...Talk about your financial mosaic. We've got some different systems here! Nancy's right: whatever works.<br /><br />I travel a lot, and I don't always have receipts, but I do have a line entry for every expense. Viewed in the contect of other line entries and related receipts, there's a financial narrative that not only makes sense to me--it will make sense in an audit, should suchJoanne Matterahttps://www.blogger.com/profile/02564594823192456546noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-53486375713879571992010-03-29T10:52:35.883-04:002010-03-29T10:52:35.883-04:00Your system is admirable, Joanne. If it works for ...Your system is admirable, Joanne. If it works for you, then it's doing what you want it to do. I actually work as a bookkeeper on the side and have been using the system my tax professional recommended. I have been using her services for nearly 20 years and know she has saved me a lot. She suggested that I throw all receipts into a shoebox (I use a basket) because that's what she does. AtNancy Natalehttps://www.blogger.com/profile/03325421420384484035noreply@blogger.comtag:blogger.com,1999:blog-30832682.post-63968808973832865122010-03-29T10:22:22.241-04:002010-03-29T10:22:22.241-04:00I am a freelance graphic designer who is also an a...I am a freelance graphic designer who is also an artist. I agree with you that having a good system of organizing income and expenses is essential to getting taxes done with as little stress as possible (paying them is something else...)<br /><br />For years I've used Turbo Tax which walks me through everything and explains what I don't understand. If I've missed something, it's Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-291087375682619002010-03-29T09:57:07.352-04:002010-03-29T09:57:07.352-04:00Now this topic takes the wind out of the sails! H...Now this topic takes the wind out of the sails! However, we are small businesses, and therefore, it is a good topic. I spend $1750 a year on GREAT tax prep work. It is worth every penny because tax code is continually in flux and there are are many ways to reduce the amount of taxable income I would never know about. I just sucks to have to pay taxes when we know what it is going towards!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-86986570021638293602010-03-29T08:46:40.196-04:002010-03-29T08:46:40.196-04:00Hi Joanne,
I've used Quicken for years, and en...Hi Joanne,<br />I've used Quicken for years, and enter income/expenses at the end of each month. It's so simple. Then I turn the summaries over to my accountant at tax time. I think - but you would want to check to be sure - that it is no longer necessary to show a profit if you are able to show consistent professional activity.Dudleyhttp://www;dudleyzopp.netnoreply@blogger.comtag:blogger.com,1999:blog-30832682.post-74685235546006269012010-03-29T08:45:26.333-04:002010-03-29T08:45:26.333-04:00I use an excel-type product, a free version of a s...I use an excel-type product, a free version of a similar app called Calc. I made a few spreadsheets that chart money spent on supplies, mileage, postage, etc... another for products produced (so I can get an accurate figure of what any particular piece has cost in materials) and then one that tracts where a piece is at any given time. It works well and come the first of the year I have KRCampbellArthttps://www.blogger.com/profile/15185783768927918993noreply@blogger.com