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5.3 Taxes

Paying Taxes

Tax write-offs:

Federal, State and Local Taxes

Reflection Questions

1. Business-related taxes are issued at a variety of levels (municipal, county or parish, regional, state and federal) and through a variety of methods (sales tax, income tax, property tax, capital gains tax, social security withholdings, etc.). Find the name of the taxing agency at each level of government, their filing deadlines and their website address.

https://www.sba.gov/starting-business/filing-paying-taxes 

Ohio: http://www.tax.ohio.gov/ohio_taxes.aspx

  • Which taxes relate to your artist business?
  • Are there contacts at any of these agencies that can assist you with your questions regarding filing procedures and your specific tax compliance responsibilities?

2. Review your expenses spreadsheet. At the various levels of government, are there specific taxes for which you may be able to claim a business deduction?

3. What are the documentation requirements for your eligible deductions (e.g. a travel log, receipts, invoices, etc.)? 

Because of the complexity of filing taxes at a variety of government levels and the specific knowledge required to correctly identify business income and expenses, we recommend consulting with a Certified Public Accountant on such issues.

1. What questions do you have for your accountant or tax preparer related to tax compliance?

2. What is your timeline for obtaining answers, given the filing deadlines that your business faces?

3. Are you aware of any services that provide low-cost or free consultation with accountants in your community?

Resources

http://www.irsvideos.gov/SmallBusinessTaxpayer/virtualworkshop 

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed 

https://www.sba.gov/starting-business/filing-paying-taxes 

Art Tax Info

http://www.tax.ohio.gov/faq.aspx 

http://www.freelancetaxation.com/

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