Last week, you read our article for untaxed workers in the creative sphere. As the educators making the arts possible in communities around the country, we want to make sure you’re educated in your finances. This week’s article touches on food write-offs, quarterly payments, and write-offs that you can enjoy!
Food is expensive and you are a busy person. It’s less expensive to pre-make your lunches but there isn’t always time for that… As a creature of habit, I tend to buy my lunch from the same sandwich shop on my busiest teaching days. I keep the receipts and am able to write off 50% of the food as a deduction. If I’m feeling really generous the IRS will deduct 100% of my food expenses if I purchase food or coffee for my co-workers or employees. Food is expensive and all those receipts will take up some room but it will be worth the space.
As performers, we can take classes in the arts and write them off for research! I write off my monthly subscription for yoga since I use poses and breathing techniques for my students in voice classes. At the music school where I work, music teachers take lessons in other instruments and can write off the tuition costs. You can take dance classes, acting classes, zumba classes, private instrument instruction, buy new stage make-up, get a haircut for an audition but keep the evidence.
After you’ve finished your taxes this year and you find that you don’t have a lot of expenses to write off or receipts saved, you can work with your tax office or CPA to make payments throughout the year. Rather than having to pay one lump sum to the IRS and dreading the payment in February and March, you can relieve yourself of some stress. Ask your tax representative about this option this year. A lot of creative professionals I know do this and the continual check-in with their accounts helps them sleep better at night.