Friday, March 26th, 2010
Slip on a Pair of Tax Deductions
I suffered a recent epiphany regarding a huge tax deduction I have long overlooked, despite it being right under my nose. Supplies like paint, canvas, stretchers, thinner, lumber for frames, etc all made it to my expenses spreadsheet. But perhaps the most abundantly used “supply” in my studio–the lowly vinyl glove–never made it to my Excel file. It was a bittersweet epiphany, as going forward, I’ll now deduct every box ($5.99 per box, at Target, in the incontinence aisle). But, looking back, I may have left as much as $1,000 of write-offs on the tax table.