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Tax and Accounting for Artists

The Possible Dream
Tax and Accounting for Artists–
Private Consultations with Rich Streitfeld

May 15, 2018 Rich Streitfeld, CPA
Uncategorized

  I will be available for private consultations before my 6 PM talk. I can advise you on implications of the new tax law, deductions, business entity selection and proper accounting. Thursday June 21, 2018 , 3-5 PM at Western Studios, Lowell MA Sessions are $25 for 15 minutes and $50 for 30 minutes. Please
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Richard Streitfeld – Buddhist Mensch

The New Tax Law And You
Staff Opening!

December 13, 2017 Rich Streitfeld, CPA
Taxes, Uncategorized

  You’ve heard: Major tax legislation was approved by Congress and signed by the President, with changes effective January 1, 2018. Here are some of the highlights that will affect individuals: The standard deduction is nearly doubled for each “filing status.” The child tax credit is increased. Personal exemptions are eliminated. Deductions for state and local property and income taxes are capped at $10,000 per
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Richard Streitfeld – Buddhist Mensch

Charitable Deductions

October 22, 2017 Rich Streitfeld, CPA
Uncategorized

  Reprinted with permission of cartoonstock.com Q: My body was frozen. Can it be a charitable contribution? – Bed Williams, Baseball star A: If philanthropist Andrew Canteloupe  buys your corpse, sells it at Sotheby’s and then donates the proceeds, sure–he can deduct his donation as long as he itemizes deductions(Schedule A) and the donation does not exceed 50% of his adjusted gross
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Richard Streitfeld – Buddhist Mensch

Bliss Requires Careful Planning

July 7, 2017 Rich Streitfeld, CPA
Uncategorized

  Catering Gone Sour Jerry and Joan were college buddies and started a catering business together, Taste Buddies. Three years in, Jerry decided to take a part- time teaching position and a leave of absence from the catering enterprise.  He later wanted to negotiate a return to the company, but Joan would have none of
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Richard Streitfeld – Buddhist Mensch

“But Officer…”
The Hazards Of Late Filing

March 14, 2017 Rich Streitfeld, CPA
Uncategorized

  (It’s N’oreaster time in New England. So cozy up and read one of my favorite back issues. Funny, I didn’t need to update it.) CALL it the miracle of compound interest. Or the government’s interest in collecting taxes. However you cut it, your household or sole proprietor business can easily rack up hundreds or
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Richard Streitfeld – Buddhist Mensch

Bewitched by Medical Deductions

March 3, 2017 Rich Streitfeld, CPA
Uncategorized

  Q: I am paying my mom’s substantial medical bills but she collects a pension and lives independently. Can I get any relief through my tax return? –Samantha Stephens A: Believe it or not — YES, under some circumstance. You CANNOT take Granny as a dependent, the way you canTabitha. Her $18,000 yearly income from
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Richard Streitfeld – Buddhist Mensch

CONSIDER THIS!

January 27, 2017 Rich Streitfeld, CPA
Elder Care, Estates and Trusts

When we think about “estate or elder care planning” (actually most of us do NOT want to think about these things) what comes to mind? A living will, how to allocate assets, who will handle financial matters or make medical decisions if we are incapacitated, And who do we typically associate with these documents– ourselves
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Richard Streitfeld – Buddhist Mensch

YEAR-END TIDBITS

December 29, 2016 Rich Streitfeld, CPA
Taxes, Uncategorized

Q: You’ve been preparing taxes for 98,172 years. What kind of mistakes do you see year after year? – Mel Brookstein, the 1000 year old man A: Here’s one! Self-employed or taxpayers with substantial investments often do not keep accurate track of their estimated tax payments. The IRS and States do keep track, so you
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Richard Streitfeld – Buddhist Mensch

Social InSecurity

September 8, 2016 Rich Streitfeld, CPA
Divorce

My husband(s) left me (8 of them did); I’m a starving artist.  Will I end up a poor lady? La La Gabor, Hollywood La La:  There is hope for you. If you stayed married with any one of your men for 10 years, you can receive Social  Security benefits as early as age 62 if
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Zen Mensch Accounting

RAISE THE MOST, COAST TO COAST?
NON-PROFIT REGISTRATION HEADACHES

July 22, 2016 Rich Streitfeld, CPA
Non-Profit

Think it’s easy being a non-profit? (NOT!) There is the constant struggle for funding, which gets harder as times get leaner.  There is finding the right people for a productive, engaged board that still gives proper authority to staff — a fine line. Now comes another possible headache — multi-state registration. Typically a local non-profit
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