On you schedual C, under what category to most of you report your show fee expense? )What we pay the promoter to rent a booth)The logical choices would either be Rent or lease business property,maybe advertising or other? Or am I missing a category?
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i put it on line 10 commissions and fees
Many of an artist's expenses fall under Miscellaneous, often our biggest expense area.
agreed...use the misc space..i put it all together though and call it "show fees"
It would be helpful if outright's categories actually matched the IRS form, wouldn't it?
Thanks Jim. Im using a new software program called outright which allows you to add a self edited categories but has a predefined category for tax purposes and those were my only choices. I use outright for my own personal review but will let my accountant do the hard stuff. (:
That would be part V. That lets you describe precisely the expense, rather than trying to fit it into a category where it doesn't belong. Art fairs are a unique business, and have some unique business expenses.
Use the miscellaneous (other) categories, where you list categories separately, and break down the booth and app fees as two separate line items.