As the deadline for filing taxes fast approaches (at least for those who choose not to take the extension route), many artists and crafts professionals are already shifting their mental focus to the remainder of 2008. However, surprisingly, it is not too late to still benefit from last year's transactions when preparing this year's tax returns. It is also possible to delay many tax decisions or change your mind even after your return has been filed.
Despite their complexities, taxes are fairly straightforward, at least on the federal level. The not-so-silent partner of every artist and crafts professional - the government - will foot a part of the bill, in the form of tax deductions, to operate your business. After all, our lawmakers have long realized that you have to spend money to make money.
Obviously, the best time to take advantage of this partner's contribution (tax deductions) to your business is during the course of the year. By the time the end of the tax year rolls around, it is usually too late to structure transactions or label expenditures so that they will produce the maximum amount of tax savings - though not always.
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