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WRITERS/ARTISTS START AN LLC NOW!! THEN USE YOUR EIN FOR GIGS, READINGS, PERFORMANCES, BOOK ADVANCES, MAJOR AWARDS, STIPENDS, FELLOWSHIPS, ETC!
Do this **before** you get a huge tax liability... you are a business... and you should be afforded the same tax benefits and deductions!!
Businesses pay around 15-20% of their net income (income after deductions) but as an individual, that grant, prize, award, side income can get taxed around 30% or more...
Just wanna to pass this advice on from my accountant because this is the part of the game they don’t tell u about until u get a lil piece of something and by then it’s too late... we need to share and support each other’s financial literacies as we support each other’s work!
This is really what’s keeping us broke as artists and writers because we’re not trained in the money side of this at all yet we generate and incur expenses every single day we live and make art...
