FA+
Shop
Need help on full-time art/taxes and stuff!
9 years ago
Hello everyone! I've tried researching this multiple times and asked people around me but I'm so unsure of how to do handle full-time artwork since I see or hear different results everytime and overall I'm just not sure about it.
So to put it simply:
I want to build fursuits and take art commissions full-time. No more working at walmart!
I want to aim to earn(profit) AT LEAST $1200 a year(so 1k a month) for living expenses, phone, pet stuff, car, etc.. and a bit extra for liesure spending! Of course I will obtain more since I have to charge material costs which is hard to factor in how much that'll be since the cost of a suit can vary greatly(like some furs are 25/yd orthers can reach 60+!).
I don't know if all money earned will matter or if it's just the profit that does.
I'm looking for experienced artists who live off their art, what would I need to do? I just need confirmation on details so I know exactly what to do cos I don't want to get in trouble! I have no issue filing taxes and stuff, I just want to be sure I do it right!
A co-working told me all I'd have to do is keep track of expenses and earnings and then file it all and save a bit up on the side for paying taxes but I'm not sure if I'd have to do more or something entirely different. I'm just overall very confused by this! But I want to figure it out!
If anyone has any information or input on what I'd have to do or your own experience please feel free to comment or note me! X3 If you yourself work in a position that deals with taxes and you actually can guide me on what to do I'd really appreciate that!! <3
Anyway, thanks for reading! c:
So to put it simply:
I want to build fursuits and take art commissions full-time. No more working at walmart!
I want to aim to earn(profit) AT LEAST $1200 a year(so 1k a month) for living expenses, phone, pet stuff, car, etc.. and a bit extra for liesure spending! Of course I will obtain more since I have to charge material costs which is hard to factor in how much that'll be since the cost of a suit can vary greatly(like some furs are 25/yd orthers can reach 60+!).
I don't know if all money earned will matter or if it's just the profit that does.
I'm looking for experienced artists who live off their art, what would I need to do? I just need confirmation on details so I know exactly what to do cos I don't want to get in trouble! I have no issue filing taxes and stuff, I just want to be sure I do it right!
A co-working told me all I'd have to do is keep track of expenses and earnings and then file it all and save a bit up on the side for paying taxes but I'm not sure if I'd have to do more or something entirely different. I'm just overall very confused by this! But I want to figure it out!
If anyone has any information or input on what I'd have to do or your own experience please feel free to comment or note me! X3 If you yourself work in a position that deals with taxes and you actually can guide me on what to do I'd really appreciate that!! <3
Anyway, thanks for reading! c:
follow my new account->
Itchavi
~itchavi
You will be better suited with talking to an accountant about all of this and what will be best for you. Generally, you report all income, then provide a list of categorized business expenses to get your profit. You will pay taxes on the amount of profit earned. Feel free to message me if you have specific questions.
