Table of Contents
Foreword vii
Acknowledgments ix
Introduction 1
The Purpose of the Book 1
So What Will We Talk About? 8
1 The "Business" 13
life as a Creative Professional 13
Are You a Business? 14
The Five-Year Rule 15
Contractors and Employees 17
2 Being Self-Employed 23
How People Pay You 23
How You Report Your Income 26
How You Report Your Expenses 29
Advantages to Staying Self-Employed 31
The Self-Employed Calendar of Important Dates 33
Let's Map It Out (Income, Expenses, and Taxes) 35
3 Forming a Separate Business 39
The Different Flavors 39
C-Corporation 39
S-Corporation 41
Partnership 46
LLCs: Major Myths Debunked 51
Let's Really Compare Them 53
Advantages to Forming a Separate Business 56
The Business Calendar of Important Dates 58
Let's Map It Out (Income, Expenses, Taxes) 61
4 Tracking Expenses: The Artist's Third-Most Important Job 65
Who Cares? 65
Well Then, How Do I Do It? 68
And What Should I Keep Track Of? 71
General Business Expenses 71
Artist-Specific Hotspots 75
Five Biggest Deduction Myths Debunked 77
The Golden Rule of Deductions: Never Look at Another Deductions List Again 79
Links to Deductions (In Case You Don't Trust the Golden Rule) 81
5 Your Biggest Critic Is No Longer Yourself 83
Meet the IRS 83
Who Are They? 84
How Do They Work? 87
Why Should I Care? 90
How to Make the IRS Your Friend (and Why You Should) 92
What to Do If You End Up Facing Off 95
6 Parting Thoughts 99
Your "Team" 99
Who Are the Players? 100
How to Pull Them Together 103
When Is DIY Okay? 105
Minding Your Responsibilities 107
What to Ignore in the [Dressing Room/Green Room/Café/Gallery] 111
What to Do If You Have Questions 112
Wrapping It Up 115
Index 117
