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income

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TAX TRICK #1

Did you know?

If you are a freelancer, the minimum amount of money you need to earn and to file a tax return is $400! 

"Why is the number $400? While you may not owe any income taxes, as a freelancer, you must pay self-employment taxes in addition to regular income taxes. Self-employment taxes start if you earn $400 or more. Therefore you must file a tax return if you GROSS $400 OR MORE.”

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SHOW ME THE MONEY

When is the last time you got paid for your creative or artistic skill?

Have you been keeping track?

Are you getting paid more than you were a year ago?

One of my first questions for each artist I work with is how much money are you currently making off your art? If you don't know what you are making on average per month or per project then how I can help you grow? In order to show progress you have to be able to SHOW where you started. 

For artists just starting out or overwhelmed I encourage you open a bank account, create a separate paypal or venmo account so you can easily track your income. 

Let's say you do know how much you are making off your art. Then my next question is how much money do you WANT to be making off your art?

I recently met with a singer/songwriter that responded by saying I don't know how much money I want to be making but I do know I want a residency. I loved that answer because that still equals income. Even though they were already thinking of how to get more money from their work I did still need to know the answer.

Take an honest look at your budget. How much money do you need to survive? Do you want to make art full time? How much income would you need to make that happen? 

Example: Jerry paints. He wants to paint full time and leave behind his receptionists job. Right now he makes $35,000 a year as a receptionists. So my first thought is how can we break this down into paintings and projects. 

$35,000 a year = about $2,917 a month

$2,917 a month = 5 paints @ about $584 each OR 3 major projects @ about $973

When I look at the real numbers I see possibilities. What do you see?

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