Last week we had an episode about IDEAS, so this week we’re going to do something more nuts and bolts: TAX.
This week features an interview Jeff Phillips. Jeff is an artist, illustrator and tax genius, but he wasn’t always this way. This week he tells us about his private freelancer tax shame, how he got out of it, and why he’s now a complete boss come tax time.
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And all the linky goodness for this episode:
- Check out Extraordinary Routines, great blog about the routines of amazing creatives by Madeleine Dore. You can read about Jeff's routine in his interview.
- Jeff's original invoicing program Hiveage - just FYI there's no longer a free option for this program, the basic option starts at $15
- Jeff's current accounting program: Xero
- Other accounting software that Jeff checked out: MYOB, Freshbooks
- Melbourne-based tax accountants for creatives: Darkwave, Nagle (Jeff ended up going with Nagle)
- In case you've not heard of Maslow's heirarchy of needs
- For Australians, e-tax has now been replaced with MyTax
- MoneyBrilliant is a program that I use that links up with your bank accounts and tracks your money for you
- I spoke to the Australian Taxation Office about information specific to artists (they have a live chat feature which means they are really easy to get in touch with), and found that there actually isn't much information for artists in general (there is information specifically for performing artists), but here's some links that may be helpful:
- General information about deductions you can claim (maybe you want to bookmark this page?)
- A list of deductions for specific industries and occupations
- Information from the Australian Taxation Office about income averaging for special professionals - this is what Jeff was talking about when he was saying that he was taxed based on an average of his income over a five year period. Turns out artists are known to the tax office as "special professionals"! How fancy!