1. Do I need an accountant?

If you are able to do your bookkeeping and file your tax returns yourself, then you probably do not need an accountant. Once your business becomes more complicated or more time-consuming, then it is probably advisable to hire an accountant and a bookkeeper. It is also advisable to hire a qualified professional such as an accountant or an attorney during the initial setup of your organization. Both professionals will be able to clarify questions and help with the choice of the most appropriate business entity.
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You’re an artist, so you don’t have to worry about some of the constraints that come with running a business. Or do you? Unfortunately, concentrating solely on the process of creating your art is not always possible.
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Keeping records is vital to a successful business.  I have included a list of items that you should keep track of in the taxes section.

Things to consider regarding keeping records: more...

• Get and keep a ledger, either on your computer or by hand, of all your income and expenses.
• Keep track of your billing and collection of those payments

Since artists are always being asked to donate something, here is a brief list of things you need to know about donations. more...

For many artists, performers, and writers, income taxes are especially loathsome, and in recent years, the Internal Revenue Service (IRS) seems to be making the process even scarier. The IRS has announced that it is starting a special initiative to audit individual income tax returns with Schedule C’s that show a loss. (The Schedule C is the tax form most artists use to report their business income and related expenses). more...

Tax time is approaching, and if you work in a creative industry—dance, theater, music, visual art, or writing—you may find this process especially "taxing"! Does the IRS consider your art practice a business or a hobby? Can you file as an independent contractor or might you be considered an employee? Perhaps you have asked yourself such questions. To further complicate matters, according to CPA Julie Herwitt, the IRS has announced that starting in November 2009, it will begin a special initiative to audit individual income tax returns with Schedule C’s that show a loss. more...

In partnership with the Department of Cultural Affairs and Special Events and Columbia College, the Chicago Music Commission presents an At Work Forum on taxes, accounting, and recordkeeping. more...