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THE NEW TAX GUIDE FOR ARTISTS OF EVERY PERSUASION

Self-employment tax basicsThe New Tax Guide for Artists of Every Persuasion, by Peter Jason Riley, CPA is the only complete tax guide available specifically for the working artist. My goal in writing this book was to give the artist an overall understanding of the unique aspects of taxation for people in the arts. By reading the book and using my deduction checklists I want you to do a better job at collecting the data through the year and be better prepared to present your tax information to your income tax advisor. Real life examples illustrate the many situations an artist may encounter. By understanding your specific situation you will be better prepared to choose an appropriate income tax advisor. Keep in mind that no matter how good your tax advisor is, YOU are the one who has to develop a basic understanding of your taxable income and what is deductible, so that you are saving the proper receipts and documentation for your tax return.

Four artist friends, whose professional lives illustrate many examples throughout the book, demonstrate the unique business and tax aspects of being an artist. The reader walks through a full year of their activities as artists and the tax implications of their work. Our four artists are:

  1. Liz Brushstroke - Brushstroke Artist and College Professor. Liz is a tenured college professor but she also has an active life as an independent visual artist and is represented by a gallery in New York City and Dublin.

  2. Ima Starr - Actor, model and writer. Ima is very busy as both actor and model. She is also a part-time singer and has even written a book. She is a member of Actors’ Equity Association and the Screen Actors Guild (SAG).

  3. Sonny Phunky - Musician. Sonny is a freelance bass player and does some teaching on the side. He works both as an employee and as a contract player.

  4. Guy Focal - Writer. Guy has a full-time magazine staff writer job but also has earnings writing freelance book reviews and articles for other publications, and he has published children’s books.
The book contains the following chapters:

  1. Income
    • What type of income is it and Why? ~ Employee Wages vs. Contract Income
    • The mysteries of the W-2 revealed
    • In search of Form 1099
    • The joys of being self-employed
    • Estimated taxes


  2. What can I Deduct?
    • The Automobile
    • The Home Office
    • Equipment Purchases and Depreciation & Amortization of Recordings, Films & Books
    • Travel and Meal Expenses
    • Use of the IRS Per Diem rates
    • Entertainment Expenses
    • Substantiating your Deductions for Travel, Meals & Entertainment
    • The "QPA" ­ Qualified Performing Artist
    • The "Hobby Loss" Issue
    • Start-up Costs


  3. For Actors, Directors, Dancers and Other Show Biz Folks Only

  4. For Musicians and Singers Only

  5. For Visual Artists Only

  6. For Writers Only

  7. Setting Up a Business Entity
    • The Sole-Proprietorship
    • The Partnership
    • The Corporation
    • The Limited Liability Company
    • When and Which Entity Would the Artist Set Up?


  8. The Audit Process, Record Keeping and Your Taxpayer Rights
    • MSSP ­ The IRS Audit Training Manuals
    • Audit Etiquette
    • Record Keeping
    • Your Rights as a Taxpayer


  9. Choosing a Tax Advisor

  10. Tax Planning
    • Timing your Deductions
    • Retirement Planning

The reviews are in…..

  • …an essential, core reference for anyone who makes their living in any aspect of field of the performing arts, the visual arts, or the literary arts. Succinct, accessible, superbly presented information is enhanced with a list of useful IRS publications, descriptions of the most relevant IRS forms, and blank spreadsheet for recording income and keeping a monthly travel expense diary.
    Wisconsin Book Watch

  • If any part of your taxable income is derived from the arts, then The New Tax Guide For Artists Of Every Persuasion is an invaluable reference for you -- even if you have already engaged the services of public accountants and financial managers to assist you.
    Midwest Book Review

  • The successor to The New Tax Guide for Performers, Writers, Directors, Designers and other Show Business Folk, which continued through five editions, this book is totally new and substantially broader in scope. For those who make their living in the arts here is a succinct and essential guide to understanding tax returns and maximizing tax deductions.
    New England Entertainment Digest

  • Himself a tax accountant, Riley urges all artists to hire one to do their actual taxes, but here explains the kinds of records to keep and ways of thinking about income, expenses, and taxes that are peculiar to the arts.
    Book News

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