ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Expense
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Income
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Either A or B
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None of the above
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Detailed explanation-1: -Any hard materials you use to make your artwork can be deducted from your taxes. This includes your supplies, raw materials, electricity that might be used to create your work, and frames. These materials are generally things you use up within the year (think paint, clay, glaze, canvases, etc.)
Detailed explanation-2: -What’s art to you? In general, artists, dealers and investors can claim any expenses related to creating, acquiring, preserving or transporting art if they are incurred as normal and ordinary business expenses, or if they are incurred in the production of income.
Detailed explanation-3: -In general, supplies are considered a current asset until the point at which they’re used. Once supplies are used, they are converted to an expense.
Detailed explanation-4: - Art supplies. Write it off using: Cultural events & museums. Write it off using: Gallery fees. Write it off using: Art classes. Write it off using: Framing. Write it off using: Design software. Write it off using: ☁ Photo storage. Write it off using: Art studio fees. More items
Detailed explanation-5: -Bank, overdraft and credit card charges. Interest on bank and business loans. Hire purchase interest. Leasing payments. Alternative finance payments such as Islamic finance. 26-Oct-2022