Monday, April 16, 2012

Money Monday: Taxes for Artists, Part 2

Two more days to do taxes! Hopefully you're already done and waiting for that tax return.

Now is actually the perfect time to start preparing for next year's taxes. You've already started saving your receipts for tax deductions, right?

Here are more random tips to help you prepare for next tax season --
  • Evaluate your spending - Did you spend more on office supplies than you expected? Were you shocked by how much you spent on acting classes? Take a moment to refocus how your money supports your artistic career and try spending less this year in the categories you overspent on last year. Reducing expenses is a great way to save more money.

  • Consider setting up a home office - Investigate and follow the IRS guidelines on home offices now and you could take more tax deductions next year.

  • Add a revenue stream - Did doing your taxes show you that you need more money? Then do something to make more money! Learn how to sell on eBay or Amazon Marketplace and clear out everything gathering dust on your CD and DVD shelves. Start selling AVON, pick up some freelance work, fold sweaters at The Gap - whatever. You can do it.

  • Learn how to cook - Face it, we all spend too much money eating out. You don't have to become the next Michael Voltaggio, but learning a few go-to dishes for times when the budget's tight will help. Search for budget-friendly recipes online or browse around

  • Start giving - Tax-deductible donations help the receiving charities and help your tax return. You can find deserving charities at or just shoot me a message - I have a ton of charities I love to support that would appreciate your support too.


  1. Some great new tips. Thanks, Teresa! Alright, gotta get back to working on my taxes (and getting down to the wire)! :P

    1. Luckily we all have two extra days this year - you can do it! :)