Well it only took me 13 years, of being in my art business, before I opened a separate tax account !!! Dah !!! I would sort of struggle to find the money at every tax time. Then several years ago I made it into the provisional tax bracket (NZ Tax) ... this meant I had to pay for the year I was in, plus the next year too ... now I don't actually have a problem paying tax ... I really appreciate the hospitals, roads, schools and police 😊👌 (in NZ these are mostly public run)... but I was totally unprepared to pay for 2 years at once, after much scrapping and eating rice 👍 I managed it, but not much else for that year.
So then I started my separate account, at the end of each month I put 10% of my art sales dollars in. This has not felt like an effort, it has accumulated nicely and it is there ready to pay my tax installments when required no problems. And now it is accumulating enough, I have changed it to 5% for this 2020 year to see how it goes.
So .. Do start a separate tax account for your ArtBiz and Don't put it off any longer 👍👍
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How do you organise your tax ? Share in the comments if you want.
Feel free to suggest any ArtBiz topics you might like to hear my thoughts on. .
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