Portrait Artist Forum    

Go Back   Portrait Artist Forum > Business, Marketing & PR
FAQ Community Calendar Today's Posts Search


 
 
Topic Tools Search this Topic Display Modes
Prev Previous Post   Next Post Next
Old 01-12-2003, 12:44 PM   #15
Michele Rushworth Michele Rushworth is offline
CAFE & BUSINESS MODERATOR
SOG Member
FT Professional
 
Michele Rushworth's Avatar
 
Joined: Jul 2001
Location: Seattle, WA
Posts: 3,460
Since I posted my question I have learned a lot about sales tax. I registered my business with the state and have remitted sales tax for my whole year's production. Every invoice I now create has sales tax on it. (It's 8.8% around here so it's an "ouch" for my clients, but it does remind them that I am running a professional business.)

Taking business deductions for art expenses on my federal taxes made it essential that I also become a registered business with the state and do the sales taxes. There wasn't an option to wait it out until there was a financial advantage in terms of sales tax I might save on my paint and canvas purchases.

It was a pain in the neck to go back over my records and factor sales tax in, but going forward I think it will be fairly simple to track the paperwork. One advantage (aside from reducing the concerns of an audit!) is that filing quarterly forces me to review my business' financial position four times a year instead of just annually as I had been doing.

Seeing where I am each quarter reminds me that I maybe shouldn't go out and buy all those cool studio gadgets I see on various websites, or at least not 'til next quarter!
__________________
Michele Rushworth
www.michelerushworth.com
[email protected]
  Reply With Quote
 


Currently Active Users Viewing this Topic: 1 (0 members and 1 guests)
 

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump

 

Make a Donation



Support the Forum by making a donation or ordering on Amazon through our search or book links..







All times are GMT -4. The time now is 01:43 PM.


Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.