John Jensen on fri 19 apr 96
Is it more common for potters to classify themselves as manufactors of clay
products (with a code of 1032) or as an artist (with code of 6883)?
John Jensen in Annapolis. 76053.1462@compuserve.com
Jeremy/Bonnie Hellman on fri 19 apr 96
>Is it more common for potters to classify themselves as manufactors of clay
>products (with a code of 1032) or as an artist (with code of 6883)?
>John Jensen in Annapolis. 76053.1462@compuserve.com
In many states, there are tax advantages to being a manufacturer,
particularly being able to purchase materials used in manufacturing exempt
from sales tax. For corporate taxes (if anyone has incorporated)
manufacturers also have certain tax advantages.
Some people may take offense at having their pots lumped together with
commercial toilet bowls. Bonnie (CPA in Pittsburgh, PA)
Eleanora Eden on sat 20 apr 96
On Fri, 19 Apr 1996, John Jensen wrote:
> ----------------------------Original message----------------------------
> Is it more common for potters to classify themselves as manufactors of clay
> products (with a code of 1032) or as an artist (with code of 6883)?
> John Jensen in Annapolis. 76053.1462@compuserve.com
>
Hi John,
I use 1032 code but describe my business on schedule C as "creation and
distribution of fine art ceramics to galleries and individuals". Never
occured to me to use artist's code. I have always thought that with IRS
consistency is key. So I'd say the decision isn't a big deal just stick
with one or the other.
E.
Eleanora Eden 802 869-2003
Paradise Hill
Bellows Falls, VT 05101 eden@maple.sover.net
ELCAB@delphi.com on sat 20 apr 96
We use 1032 because an artist is entitled to write off expenses
for
materials,supplies and other costs only as he sells his\her
work while a
manufacturer can deduct expenses as accrued....so sayetrh my
husband...Me, I just make pots and leave the math to others.
Elca Branman elcab@delphi.com
| |
|
