L. P. Skeen on tue 15 jan 02
and since I have this new situation here, I thought I'd ask other folks =
in the same boat how they're doing their taxes.=20
1. Do you write 1099's to artists who sell more than $400 per year?
2. Under what category does the % you pay to the artists fall? (ie: =
Cost of Goods Sold, Items Purchased for Resale, etc.)
3. Do you show inventory and if so, do you have to inventory all the =
work in the gallery, or just YOUR PERSONAL work?
TIA - I'm sure I"ll come up with more questions later. Just got the =
Turbotax installed......
L. P. Skeen www.living-tree.net
Living Tree Studios, Summerfield, NC
"Just because nobody understands you does NOT mean that you are an =
artist."
The election ain't over til your brother counts the votes.
Millie Carpenter on tue 15 jan 02
Lisa,
Go to the IRS Office, ask them for all their forms and instruction for small business and be sure to tell them what you are
not sure about. Either I have been very lucky or the IRS people here are good. but when I went in about six year ago, we
had a rental property, and my on again off again income from part time jobs and selling a few pots, one of the agents
actually sat down with me and asked me questions and then helped me fill out forms. She said that the agents are willing to
help people with small businesses deal with their taxes until they get big enough to need an accountant. ( I wish I were in
that possition, just hand someone else all my reciepts and let them put it together) Also the IRS has a web site with a
searchable data base. this is one of those services that the government provides with our taxes. Nowhere near the fun that
I have at the Community college and Senior Center which are also supported from our taxes. also Turbotax has a data bose but
you do have to know what to ask it.
Millie in Md.
"L. P. Skeen" wrote:
> and since I have this new situation here, I thought I'd ask other folks in the same boat how they're doing their taxes.
>
> 1. Do you write 1099's to artists who sell more than $400 per year?
>
> 2. Under what category does the % you pay to the artists fall? (ie: Cost of Goods Sold, Items Purchased for Resale, etc.)
>
> 3. Do you show inventory and if so, do you have to inventory all the work in the gallery, or just YOUR PERSONAL work?
>
> TIA - I'm sure I"ll come up with more questions later. Just got the Turbotax installed......
>
> L. P. Skeen www.living-tree.net
> Living Tree Studios, Summerfield, NC
> "Just because nobody understands you does NOT mean that you are an artist."
> The election ain't over til your brother counts the votes.
>
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william schran on thu 17 jan 02
L.P. - Been a few years since we've had our gallery, so check to make
sure this response is absolutely correct:
1. Thought the magic reporting number on the 1099 was $600, not $400
- this may have changed.
2. You ask about category for paying percentage to artists - if
you're doing commission sales then you just report the total you paid
them as sales - there is no cost.
3. You show remaining inventory of what you bought (wholesale) and
own. If you do all commission, you do not own any of the work, it's
still the property of the artist.
Hope this makes sense and helps.
Bill
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