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Taxes, patrons and their sweet givings.

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Taxes, patrons and their sweet givings.

Postby wetthecanvas » Tue Sep 19, 2017 11:01 am

Hello members,
For you tax experts that can inform the artist. I am full time artist practicing and living by my passion. Extremely thankful for that ability. But as most of you know that comes with a lot of ups and down with a tremendous amount of instability. A real challenge through out the years. Because of the ups and downs I have sought out patrons that give financial leeway to artists such as my self. In the event I do secure monetary means from a patron how does one handle tax income implications? Example: If I am an artist who makes say $40k annually and I am given a private grant(investment) from a patron of say $50k or $100k in support of my artistry, how is that patron's investment taxed? If this investment amount is taxed at say 30% you can see where the attempt to support an artist is undermined. How will this monetary support effect my health insurance rate? Can I average out this windfall amount over the course of a few tax seasons? Are there any procedures that help artists who receive financial assistance without the amount being penalized or consumed in under minding ways? Thank you for your wisdom and help.
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