Preparing for Your Tax Return

By Greg Graham for CARFAC Ontario © November 1993

While artists, like so many others, are tempted to put off "doing their taxes" until the very last minute, a little bit of advance preparation and planning can avoid a lot of the headaches that we all associate with the process. From a tax and accounting perspective, the self-employed artist is first and foremost an independent small business. As such, tax preparation begins with an account of business- related expenses and revenue. Accounting procedures do not need to be elaborate but they must be organized. In order to get a better understanding of how this works in practice, let us go through a standard summary of expenses and revenue with reference to common items in an artist's business.

Download the document to read more:
Preparing for Your Tax Return