I worry a lot about money. A lot. I currently live at home with my mom, so my biggest expenses are gas, art supplies, and food. But, since I go to school full time, I don't have a lot of time to spare to work at my part-time job, so what little money I do earn goes to those expenses. My undergraduate experience is beginning its wind-up, too; I'm almost done with my fourth year with only one more to go. Soon enough, I'm going to have to pay back loans, pay rent on an apartment, pay for insurance... so yeah, I worry about money a lot.
In my professional practices class (the initial reason for this blog), everyone has been posting on the class discussion board about various topics we might be interested in, such as internships, networking info, and non-profit organizations. In the section called "Finding Money: Scholarships, Grants, etc", I found this link posted.
http://www.foxtaxservice.com/taxinfo.html
Tax info for artists? I don't think I need it now, but guaranteed, I will need it all too soon. I have only been filing my own taxes for a few years (several of which a family member took care of them), so I know nothing about taxes. This link taught me some useful things.
1. As a small-business artist, I can deduct losses from my taxes as long as I can prove I am, or am attempting to be, a for-profit business. To prove this, being organized is essential.
2. I will need to choose a business entity type. Is my business a Sole Proprietorship? A Partnership? A Corporation? The type I choose will affect how my taxes are filed.
3. I might as well think about retirement now. Here's an interesting blurb: "If you are 25 years old and put away just $10 per week till retirement, earning an average 7% return on your investment, you will have $132,663.36 by age 67. If you start five years earlier, you would have $191,187.39. The extra $2600 saved turns into $58,524." Can I afford to wait to think about retirement??
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