Finances - the Word
with Heather René Dunaway
March 2026
It’s tax season. Lets collectively scream together.
1… 2… 3!
AHHH!
Ok, now that we have that out of our system, we can talk finances as creatives who are considering going full-time. Disclaimer: I am not a tax professional or any sort of numbers wizard. Well, I actually have dyscalculia & dyslexia, so in a way I guess the numbers do magically rearrange themselves like they would for a wizard, just not in a way that is considered helpful…
However, I do know a thing or two about running arts programing and financing and I do, on some occasions, technically make enough money to file taxes as an arts business and not just a hobby.
There are some important things to consider if you are taking on becoming a full-time creative when it comes to managing your finances. Because, well… You are starting a small business and you should always, and I mean ALWAYS, run it like one. You are the boss, the manager, the retail associate, the janitor, and you are the accountant.
The very first thing you should do when you are considering going full-time is the research on how to get started. Talk to friends who are already there and get tips. Take some free webinars from professionals. The next step is evaluating your finances. This mean having an honest and hard look at what your money needs are. This means all of your bills and debts, your rent, your kids daycare, etc. You need to have an overall annual budget that includes 50% needs, 30% wants, and 20% savings (roughly). Now, if you have enough start up money to keep you afloat without compromising on needs, and feel confident that within 6-months to a year you can be turning a profit – UHHH GO FOR IT? Because it sounds like you’re doing amazing and maybe you should be writing this blog.
Part three of the “Am I ready to go full time?” equation should be getting a business license and separate bank account. You don’t want your money all mingling together. With that, a business plan with small attainable goals that feed into your bigger goals.
Then, do the work. Commit to the bit. Remember to give your self breaks, because keeping that creative energy charged is going to be super important for your business longevity. And if you have never ran your own business, you should know it’s not a 9:00a.m. – 5:00 p.m. its a 24 hours a day / 7 days a week thing.
A site I find super helpful for general arts business questions is Artwork Archive. Like us, they have a membership option, but a ton of free resources too. Including this artists guide to finances and taxes. You can click the image to the left and view the PDF, or click here.
Honestly, just checking out their website is helpful. They also have a newsletter that always has great knowledge tidbits and then some. 10/10 would recommend.
This is a great place to get started, but first things first. If you made more than $400 in art sales, you should consider filing taxes as an artist this year. Because, Uncle Sam sees you as a business after $400.00 in profits 3 out of 5 years in a row. Always remember your deductions, and keep records of your spending on your business. Fresh Arts plus Artwork Archive both have some great tips to consider when it comes to filing too.
That’s the word,
Now, go scream some more.
-Heather