One Foot Out the Door . . . a cautious guide to commitment

Income Taxes for Poets?

Fellow poets, do you run your business like this? If you file a Schedule C and claim a business loss on your tax return, pay attention. This tax expert recommends some pretty stringent documentation procedures. It seems the IRS is coming after a huge (read sarcasm here) untapped source of revenue—expenses deducted by emerging artists. It takes years to develop profit from one's artistic efforts. If we want to deduct our losses along the way, we must be extra diligent.

Note/Addition: I neglected to credit Mira's List for this information. She regularly posts grant and fellowship opportunities for artists.

posted by Karen @ 11:50 AM