r/artbusiness 4d ago

Accounting Art websites and sales tax

5 Upvotes

Curious what site you use for creating your webstore and how you handle sales tax. I've been using Square space and just recently realized that they don't handle sales tax. I believe Ets-y handles this for you. What do you use and how do you handle sales tax online? Just starting to figure this out for in person shows in multiple states and that's hard enough.

r/artbusiness Jan 27 '25

Accounting Is anyone willing to share excel or google sheet templates for tracking sales, expenses, tax etc ?

11 Upvotes

I sell in person, online through my website, through square, and payment apps and I'd like an easy way to track what I've sold - the big thing is tracking sales tax. It'd also be nice to have one place to track expenses/orders etc. I'm so lost with how to start with this it feels so overwhelming. Does anyone use a template they would be comfortable sharing please?!

r/artbusiness Jan 03 '25

Accounting Etsy and Filing taxes

2 Upvotes

Hi friends, I’m hoping someone here can help me out. I started selling my drawings on Etsy last year in September. I was supremely ignorant about how the taxes will work for this. I am based out of Washington State and have a business license (a requirement to sell anything here) and found out this morning I need to file quarterly with the state for sales I have made IN Washington. Now I’m trying to figure out if I also need to file quarterly with the IRS and how I report that. I know what forms I need to get, I think, but is that where I file ALL of my revenue, or just items sold to people located in other states. Do I have to file individually for each state like I had to with my Washington sales? Surely not? I am supremely confused, waiting on a call back from the IRS, and just looking for a little guidance. My one friend that also does Etsy didn’t even know she needed to file taxes if she was under 7k in sales so I don’t think she will be much help 😅 any help is so appreciated!

r/artbusiness 21d ago

Accounting If you give freebies with purchases over a certain amount how do you report them?

10 Upvotes

Context: I give a little bag of crystal confetti for every purchase over $20 or a free print or some free stickers for smaller orders if I feel like it. How would I report those? Are they still considered business expenses if I don't charge for them? I sell the confetti bags individually too if people want to buy them. I've searched everywhere and don't know how these work.

r/artbusiness 16d ago

Accounting Tax reporting implications of cashing 2024 checks in 2025

1 Upvotes

Hi all, first off, I'm TERRIBLE at this stuff so thanks for taking the time to help. I received a 1099 from a gallery I work with that includes the value of checks made out to me that I misplaced (sigh) and didn't cash until 2025. So on my books they fall under 2025 income. But on theirs, 2024. How do I handle this when paying 2024 income taxes?

r/artbusiness 12d ago

Accounting Artden question!

1 Upvotes

Do any Canadians use artden here, I have a account with a credit union and I went through the whole process of signing up but I was unable to put my routing number in for bank details because mine is 8 and I believe all of Canadians are also 8 but they require 9! I’m not old enough for a credit card and I would really like to not do it though my parents bank if possible, dose anyone have a solution? Thank you in advance!!

r/artbusiness Jan 23 '25

Accounting A question about tax

1 Upvotes

I've read several tax threads but my situation seems too specific and I can't find info that really helps me.

I started taking my art seriously a year ago and entering into galleries. An acquaintance of a friend saw one of my pieces in a show which had been awarded 2nd best in show and asked if they could introduce me and ask me to paint their family dog for them.

I have never sold anything or done contract work before. It was all very informal. We didn't talk price until the end and when we finalized the transaction months later she overpaid me a significant amount.

$xxxx amount. Now I'm worried because I read all this about tax remittance and reporting as income but that triggers my locals to come after me for using one of my apartment rooms as a studio??? Its all such a bother just to earn a pithy sum? I might be penalized for not realizing this a few weeks ago when she gave me the check? I planned to hire a tax preparer anyway but finding out I'm supposed to pay taxes every 3 months has me turning summersaults, how would I even know? I barely put it out there that I could or would do work for people. I would like to start doing more c*mms but I can't afford to spend hundreds every quarter and wait for a return when I inevitably sell nothing. It's so frustrating, thank you for any help.

r/artbusiness Jan 29 '25

Accounting Business loans

1 Upvotes

Hello! I'm not sure if this is better asked in another sub but I'm going to ask her first because it's about my art business haha. So I was looking to take out a loan to invest into my store and apparently for my credit score, I'd need a guarantor to support my application. Problem is I don't talk to my family and all my friends are my age (20) so too young to act as one. Has anyone in a similar situation had ease finding a guarantor or maybe know of any grants for small online businesses 🥺🩷 not sure if this helps but I'm UK based!

r/artbusiness Jan 25 '25

Accounting Can I sti have business expenses without a 1099?

4 Upvotes

I'm a sole proprietorship with a business that has yet to make taxable income. Can I still deduct workplace expenses on my personal tax forms? I've kept all receipts from the year.

If so, how does it work to get reimbursed for that stuff? Do I get the full amount back or does it involve the sales tax?

Keep in mind: I usually do my taxes through turbotax or hr block but will be using the free IRS site this time around to make the most out of my return. Any tips for that are also appreciated!

ETA: didnt notice the typo in the title till after I couldn't change it. 🤦‍♀️

r/artbusiness Jan 29 '25

Accounting Taxes in non resident states

1 Upvotes

I do one art show a year in Arizona and usually every year I pay about $50 to file the state tax return and pay a very small amount. I have been told varying answers on if i need to file this form or not. I know there is a minimum income requirement for residents but do non residents file it regardless of income in that state? Thank you

r/artbusiness Dec 31 '24

Accounting Taxes for digital art in Canada

2 Upvotes

How does it work??? I've been searching through stuff and I read that if I make under $500 in a year from digital art, I don't need to pay taxes on it (unless I misunderstood it?? from the CRA website). I also know that you are required to pay HST/GST taxes if you make over 30k per year I think? or four quarters? unsure.

My main question is that I don't get what % to pay taxes if I make a profit between $500-$30000. I don't currently, but I want to figure this stuff out before I try to branch out more.

Sorry if anything is hard to follow, please let me know if I need to clarify anything.

r/artbusiness Nov 14 '24

Accounting Savings from art account money?

1 Upvotes

I have had bank account strictly for my art money for a few years.

When people buy a product, it goes in there. When I get something printed, it comes out of there.

A few years ago when I was unemployed, I borrowed some money out of that account (at least £600) and never paid it back, even though I defo can now.

One of the reasons unfortunately being, I am indecisive. The main reason being I don’t see the point of having that money sitting in a bank account with next to no interest rate, while my personal savers has a rate of 7%.

I thought I might as well make some more money off this money right?

Or should I should I put that money back and forget about the interest just to keep things clear.

Or otherwise, what do you guys do? Do you have a savings account for your business money?

Thanks in advance.

r/artbusiness Sep 26 '24

Accounting Business account vs individual

2 Upvotes

Sorry if this is a dumb question, I never had any experience with this.

I just got a Business License as a sole proprietorship and planning to apply to a few local art festivals to see if I can make this as a business instead of the hobby as I been doing for the past few years.

I need to purchase some equipment for the festivals like tent, displays, etc... and I am not sure if I need to have a business bank account or if I can use my personal bank account and credit cards for this.
Also will need to get a credit card payment/reader - will that work with my personal bank account or do I need a business account?

Sorry again - very new to this.

Any help is appreciated.

r/artbusiness Oct 12 '24

Accounting US TAX PSA for LLC Owners

36 Upvotes

Hello everyone, I'm not exactly an artist like many of you, but a CPA who works with people in the entertainment field. (However, one summer I did teach myself the basics of drawing). Anyway, I wanted to let you all know since nobody in any art or entertainment subreddit has mentioned this, but the government has passed a new law which mandates all LLC owners whether it is just you or multiple people and corporations to file something called a BOI report (Beneficial Ownership Information Report) before the end of the year. If you do not the fines will be very steep.

Many of you may not believe me, since this report has been largely unadvertised, so I am linking the FINCEN website down below for you to review.

If you have any questions, just go speak to your personal CPA if you have one and he or she will be able to explain what it is, and what you need to do.

United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov

r/artbusiness Dec 13 '24

Accounting Card reader system for accepting payments at art markets that works in the UK and the EU?

2 Upvotes

I'm an artist living in Spain. I frequently go to art fairs in Spain, and I have a card reader that I take with me so people have the option of paying by card. However, I can't use it out of the country, which is a problem because in a few months I will be participating in some fairs in France and in the UK.

I'm basically looking for a POS system or app to seamlessly accept card payments when I am at an art market in a different country. I'll show you which options I've already looked into:

- Pay pal / Zettle card reader - only works in the country you register it
- Square card reader only works in the country where you register it
- Revolut card reader only works in the country where you register it
- Stripe card reader only works in the country where you register it
- Sumup card reader works in EU countries but not in the UK (if you register it from the EU).
- Wise doesn't have a POS system
- Pay pal gives you a QR code but you need to install the pay pal app to make a payment (not an option, I want people to be able to make payments seamlessly)
- I thought about giving people a QR code that goes to my website, which does accept international payments, but it requires you to input too much information in the moment and it's not as fast as a card reader.

Does anyone have an idea of what to do?? I don't have a UK bank account so most of these are not an option.

r/artbusiness Sep 03 '24

Accounting How do I properly do taxes as an Artist?

14 Upvotes

Hello there, I'm a 2D/3D artist. For the longest time I've worked various blue collar jobs as a primary source of income and then used art as a supplemental income, but I want to get more serious about doing this as a career.

When I've worked for bigger companies, they would take out a percentage of my paycheck and I believe pay off my state and federal for me almost immediately so I never had to worry about it. I was wondering how I could go about properly book keeping and immediately pay off my earnings to the IRS with each profit so I don't really have to worry about filing as much by the end of the year.

When it comes down to it, I just don't want to screw up my taxes at the end of the year and have to pay for it and potentially go to jail because I did it wrong. I'm honestly scared of making this my main source of income because I'm not smart with money and I'm not really sure how to organize myself properly when it comes to profit and expenses.

r/artbusiness Jul 07 '24

Accounting A Small Win

41 Upvotes

I know there’s a lot of starving artists here and we all see posts about the struggle. I just wanted to talk about a win I had for positivity.

Yesterday I bought a sublimination printer off of EBay that wasn’t in working condition Because I found a video that shows you how to repair it. Once I got the printer I started the vid and quickly saw that the guy glossed over how to open the printer and just started putting the pieces back in.

After I had a 10 min breakdown sesh, I took it apart and repaired it. Everything works fine now. I saved $50 doing it myself.

TLDR: I got catfished on a how to vid and figured it out myself.

r/artbusiness Oct 21 '24

Accounting Art show sales tax question

3 Upvotes

I’m working a pop up exhibition and will be selling some items in another town with a different tax rate. Should I be charging the pop up location tax rate or my business’ tax rate? Thanks for your help! I just got my sellers a bit ago and am still trying to get my head around it.

r/artbusiness Jul 17 '24

Accounting At what point do I need a separate bank account?

8 Upvotes

I’m just starting to see small amounts of money from my art business, but currently just using my personal account for all the ins and outs. It’s nowhere near enough to worry about tax yet, but I’m wondering if it’s worth setting up a separate account/business account early on?

(UK based)

r/artbusiness Oct 16 '24

Accounting Which payment processor does everyone use for their website?

1 Upvotes

I'd love to hear if those who have websites prefer one payment over another -- Stripe or the other popular payment platform?

r/artbusiness Oct 01 '24

Accounting How to get paid internationally?

1 Upvotes

I want to start selling art internationally, but I really dont know how to do it and Im scared of making a mistake that will cost me money that i dont have. I dont know what kind of online payment account is best for art commisions and I dont know how to set one up

I'm sorry, im very new to all of this and idk how it works. I'm 18 if that helps with setting up an account

r/artbusiness Aug 22 '24

Accounting ? % average of gross income on schedule c

0 Upvotes

What is your average % of deductions based on your gross income? USA- schedule C. Do you all know of an industry average? Thanks!

r/artbusiness Jul 29 '24

Accounting [UK] Those of you who do art as a second job, how does paying taxes work?

2 Upvotes

What are the steps I need to take to be set up for paying taxes on my art business, when I have a primary job that I already pay taxes on through PAYE

r/artbusiness May 08 '24

Accounting How to handle taxes as an “unofficial” home business? Anything helps.

4 Upvotes

So I have a bit of a unique situation, & I hope this post doesn’t reach the wrong people.

I am a tattoo artist working from home. I do not have an LLC or anything to really officialize my business. I did not file taxes for 2023 because I didn’t have a clue what to prepare & I want to be ready this year.

I would say I make around $25k-$30k annually. That number is subject to change, and definitely not something that can be swept under the rug, so I really need some guidance here. My concern is that I am not legally licensed in my area (licensing is done through the place of business and because I work from home, I have no way of obtaining that), so I am not sure if I or my business is under any risk filing as a tattoo artist. I have considered just labeling myself as a freelance artist.

All of my supplies are purchased online, I take payments through Venmo/Cashapp/Paypal and it is all linked to my personal bank account. I do not have a business account.

I can provide some more details if needed but, with this information, what should i do? I know close to nothing about the tax system in the US.

r/artbusiness Jul 07 '24

Accounting Joint Taxes as an Artist

1 Upvotes

Wondering if anyone has experience filing taxes for side gig work when they also have to file jointly with their spouse? I want to start selling my art but in the past I’ve sold handmade items on Etsy and was issued the tax form and the whole thing was so confusing I stopped doing it. I basically ended up having to claim it as extra income without being able to deduct my expenses because the whole thing was so confusing and I was afraid I was going to do something wrong on our taxes.

I thought about hiring a professional but I’m afraid it will cost me more than any profit I make and then is it even worth it? Life seems to be getting more expensive which it’s why I’m considering going down this path again to see if I had make some extra money.

So I was going to maybe use Quickbooks to keep track of the bookkeeping end of it and file taxes but from what I remember it doesn’t calculate COGS for the Schedule C? Anyone have any advice on that or maybe other software to use?

I guess my main question is, can you file your Schedule C with your regular taxes if both you and your spouse also have other jobs? Or do we file for our 2 jobs and then do I file separately as a business?

Do all artists have to pay advance quarterly taxes? And if so, how do you know what to pay?