Making your Art a Formal Business

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Transcript

As an artist, your aim is to get your work known and ultimately you may want to make a living out of it. And this means to sell your artwork. One consideration that you might think about is to do it formally. That is to create a company for your artists activity. Concrete concretely, what this means is that you will have to declare to finance or tax authorities the income that you get from sales of your artwork. This also implies that you will be taxed on your benefits or profit on these sales.

While you can see this as additional administrative work, this clearly one advantage which is non negligible. It is that you may be able to deduct your art activity costs from your income tax. For example, this can be cost of art material, gear like camera and lenses, office supplies expenses, which basically are costs for running your business. Artist activity and outward selling laws are different across continents, countries and states. Make sure you know them and seek a tax advisor to assess your situation. inform yourself about laws for selling out in your country of residence.

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