Course blog for American University PERF-570, Fall 2014
The US Tax Court has recently ruled that artists may claim arts supplies as a business expenses, and receive a tax deduction for those expenses. You can read more about it in this article in the NYT here. Honestly, I was pretty shocked this wasn’t already the case. Businesses do not pay taxes on supplies they purchase to turn into goods for sale. Professionals can deduct educational classes, materials, travel fees, and uniforms from their taxes. Why are art supplies any different? Artists are business owners of one, and as business owners ought to have the same tax privileges. Although in art school the idea of taking a business class was never suggested to us, which I think is a huge mistake in fine art curriculums.