Final week to register for Ignition

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Have you ever wondered whether you can deduct expenses related to your home-based studio, and if so, how much? Is your phone line deductible if it runs to your studio and is used for business calls? What about furniture and equipment purchases for your studio? Xanadu Gallery is pleased to present CPA Richard Streitfeld as a keynote speaker at Ignition, our professional development conference  for artists. Richard will help you demystify not only questions about your studio and deductions but will also help you understand a variety of critical accounting subjects. What can artists deduct? Keeping records "Keeping the books" Quick overview of financial statements (painless, Rich promises) Sales tax blues Minimizing audit risk Recently Richard was interviewed about the advantages of a home-based business. The interview is included below. Join us for Ignition to learn how this information applies (and doesn't apply) to your studio expenses. Q: How should I calculate the percentage or ratio of the area of my home, apartment and home business expenses that I can legally deduct and use as a tax deduction and write off? Richard Streitfeld: Use a tape measure. Literally! Measure the square footage of the interior of your home or apartment and then calculate the space of your home office in square footage, and you'll determine the percentage of your entire home or apartment that it represents. Example: Divide the little number by the big number. For example: 108 sq. ft. office (9×12ft. room) / 400 sq. ft. home equals .27 or 27%. That 27 % is the number your accountant will need. Q: My business is Incorporated (S Corp., C Corp.). Does that matter? A: Yes, it does. You can't do a tax write-off for a "home-office", per se, but you may benefit from charging your "home based business" "rent" in your home. This will be income to you personally. Check with your accountant for more details. Q: Can I declare a portion (using the percentage calculated from your measurements) of my home mortgage interest, my property taxes or my rent as a home business tax deduction? A: Yes, you can. Whether or not you're self-employed, property taxes and mortgage interest are always deductible on Schedule A of your tax return if you itemize deductions. However, if you are a self-employed "sole proprietor" (DBA or LLC, the most common), you can further reduce your self-employment tax burden (usually 15.3% in addition to your income tax woes) if you have a legitimate home based business office. Q: Can I declare a portion of my home owner's or renter's insurance as an income tax deduction? And what about utilities like heat and electricity? A: Insurance: Yes you can, by the same percentage as your calculated home office space. But unless you live in a McMansion or the Palace at Versailles or have an enormous insurance policy, it may not net you much savings. But hey, every little bit helps, right? A: Utilities: Yes! Heat, electricity and water for your household is all partially deductible as a home office tax deduction. A: Landscaping: No. I know you didn't ask. And no, you may not. And the same usually goes for things such as snow plowing, trash collection and the tip for the paper boy. Read More   Join us for Ignition (a live, online conference) to learn how to gain control of your accounting.

Life on the Ledger: How to Make Your Art Add Up Easy Accounting for Artists a presentation by Richard Streitfeld at Xanadu Gallery's Ignition Conference Thursday, September 8th, 2011 (see Conference Start Time by time zone) You were placed on this earth to express your creativity in wild and imaginative ways, NOT to balance a checkbook. But you realize you need at least one foot in the business door, and you don't want it to get stuck. Luckily, Richard Streitfeld can take some of the stress out of the numbers game, allowing you to devote more time to your art. During Ignition, Rich will share his networking expertise and experience in guerilla marketing. He will also cover some fundamental concepts to help you succeed in your creative venture - not quite without trying, but certainly without crying. What can artists deduct? Keeping records "Keeping the books" Quick overview of financial statements (painless, Rich promises) Sales tax blues Minimizing audit risk Learn more and register

Join us for Ignition (An Online Conference) where you will learn from art business experts:

September 7th Presentations Time Management for Creative People Mark McGuinness Read more about the presentations Click here to download a free ebook by Mark McGuinness Building Your Art Business Through Blogging, Branding and Social Media Lori McNee Read more about the presentations September 8 Presentations Life on the Ledger: How to Make Your Art Add Up Accounting for Artists Richard Streitfeld Read more about the presentations 23 Years of Overnight Success Interview with  Dave & Donna Newman Dave & Donna Newman Read more about the presentations 10 Traits of Successful Artists J. Jason Horejs Read more about the presentations

Learn more and register

Xanadu Gallery | 7039 E. Main St. #101 | Scottsdale, AZ 85251 | 480.368.9929 | 866.483.1306 | WWW.XANADUGALLERY.COM | info@xanadugallery.com To stop receiving email from Xanadu Gallery please click here