Tax Changes that You Need to Consider for Your 2021 Tax Return |
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The Covid-relief bills signed into law last year include a number of provisions that could impact your 2021 tax return. To help you, I have created a list of the most important tax law changes and adjustments for 2021 (this is not conclusive and you will need to discuss these with your accountant). This information focuses on the specific changes for self-employed persons.
Qualified Business Income: A key dollar threshold on the 20% deduction for pass through income was increased in 2021. Self-employed people and owners of LLCs, S Corporations and other pass-through entities can deduct 20% of their qualified business income, subject to limitations for individuals with taxable incomes in excess of $329,800 for joint filers and $164,900 for others. Click HERE to read more.
Self-Employed Family Leave: Tax credits that were allowed in 2020 for self-employed people who couldn't work for a reason that would have entitled them to pandemic-related sick or family leave if they were an employee have been extended to cover leave through September 30, 2021. The number of days for which self-employed people can claim the credit for family leave was also increased from 50 to 60, and the 10-day limit on the maximum number of days for which a self-employed person can claim the sick leave credit was reset to begin again on January 1, 2021. Click HERE to read more.
Business Meals Deduction: Increased from 50% to 100% for 2021 and 2022
Self-employment Taxes: Cannot be deferred in 2021 as they were in 2020;
$250,000 Cap on Deductible Business Losses: ($500,000 for joint filers) is back in play after being suspended for the 2018 to 2020 tax years.
Recovery Rebate Credit: The IRS began paying the third coronavirus stimulus check (also called an economic impact payment) in March 2021. If you were eligile for this payment but did not receive the full value of your payment — up to $1,400 for an individual, $2,800 for a couple, and $1,400 per dependent— you can receive any missing amount on your 2021 tax return by claiming the recovery rebate credit.
The recovery rebate credit also allows you to receive any “plus-up payment” you’re eligible for. A plus-up payment is an additional payment that’s available if you didn’t receive the full value of your third stimulus check because the IRS used old income numbers (from 2019 or 2020), but your actual 2021 income would make you eligible for a larger payment. Click HERE to read more.
Unemployment Compensation: For 2021, Uncle Sam will once again fully tax unemployment compensation as if it were wages.
Child and Dependent Care Tax Credit: There are big changes for the 2021 child tax credit that only apply to this year. Click Here to read more.
Tax Bracket Ranges: Although the tax rates did not change, the income tax brackets for 2021 are slightly wider than for 2020. The difference is due to inflation during the 12 month period from September 2019 to August 2020, which is used to make the adjustments. Click Here to read more.
Retirement Plans: Required minimum distribution are back for 2021. Seniors were allowed to skip their RMDs in 2020 without having to pay a penalty. But the RMD suspension only applied for one year. So, anyone who is at least 72 years old by the end the year is required to take an RMD for 2021. Click Here to read more.
Charitable Contribution Deductions: Taxpayers who claim the standard deduction can also deduct up to $300 of charitable donations they ade in 2021 (up to $600 for joint filers). You don't need to itemize for this charitable deduction, just claim it on line 12b of Form 1040.
Standard Mileage Rates: The 2021 standard mileage rate for business driving fell from 57.5¢ to 56¢ a mile.
Long-Term Care Insurance Premiums: The limits on deducting long-term care insurance premiums are higher in 2021. Taxpayers who are age 71 or older can write off as much as $5,640 per person. Filers age 61-70 can deduct up to $4,420. Anyone who is 51-60 can deduct up to $1,690. For people age 41 o 50, the max is $850. Self-employed people can deduct them on Schedule 1 or the 1040. Click HERE to read more.
NOTE: Being a self-employed artist is unique and make sure that your tax preparer has experience in taxation for artists. Organizing your numbers using on-line worksheets will make the process easier, cheaper and will help maximize your deductions. Ask your preparer about other tax saving strategies for selfemployed individuals.
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October 21-22, 2022
Sheraton Suites, Old Town Alexandria, VA
Reserve your space today!
In Person Cost: $595 (3/8/22 - 5/15/22)| $695 (5/16/22 - 9/1/22)
Virtual Conference Cost: $500
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Due to COVID concerns the Art Festival Directors Conference has moved to October 21-22, 2022. We are so pleased to announce that all the speakers have committed to the new dates. You are invited to join us to discuss the unique issues our industry faces and bring home new strategies and a fresh perspective to your event.
Building on the conference information from 2019, this year we will address the topics of Equity, Inclusion and Diversity in a Blind Jury System, Event Risk Management with a well know expert in street events, and Experiential Event Marketing and Digital Engagement.
The schedule is optimal for networking and discussion with professionals from around the country. Reserve your space today!
For more information on speakers and topics Click Here
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2019 Art Festival Directors Conference Discussion |
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2019 Art Festival Directors Conference Particpants |
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Last Chance to APPLY: Click logo for more information!
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Hinsdale, IL
June 4-5, 2022
Application Deadline 3/31/22
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Morgan Hill, CA
May 28-29, 2022
Application Deadline 4/1/22
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Midway, KY
June 11-12, 2022
Rolling Application - Final Deadline 5/11/22
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What the Jury Sees
I have had the privilege of being an art show juror for eight shows over the past few years. Most are remote, working through ZAPP on my computer and one was in person on large screens showcasing all the work at once. I am always amazed at the vast differences in the quality of images shown by the artists and some of the common mistakes that can allow the jury to easily dismiss the work.
Jurors are tasked with being impartial and looking for artists excellence in a very short period of time.
If the jury is in person, there is a first round where the jurors are not judging but looking at all the work in a category in quick succession as the artistic statement is read out loud. Your statement matters - read the next article! Then a second round where the jurors score the work in seconds. Here are my tips to what the jury is thinking as they eye hundreds of images.
Submit a cohesive body of work: When a juror sees something that’s weak or doesn’t fit, it makes the juror question your judgment. You have to remember that you will be juried on the weakest piece you submit.
Pay attention to the order: Does the work flow from the first image to the last? Jurors have a few seconds and telling a story keeps their focus.
Great photography of your art: I cannot stress enough how bad photography stands out during the jury process. Bad lighting, busy backgrounds, images that are not centered, make it easy to dismiss that artist. It’s fine to take your own photographs if you can truly take an outstanding shot. There are artists who get into every show they apply to, because they submit phenomenal photos of their art.
Stage your booth shot: If your booth does not look great, it does not matter how good your art is. Your presentation must be professional and compelling. Concentrate on having the booth clean, good light and the art work hanging (straight) with a 3 sided view. It is critical that the jury be able to see the entire booth as this is what it will look like at their show. If the art you are showcasing in the booth does not match the art submitted then you will need to create a new booth image with the current body of work. The art does not have to be your jury images, but the work should be a current representation of you.
This is a pet peeve of all directors who run outdoor shows - If you are asked to present an outdoor booth, that is what the photo should be - not your indoor setup. Being able to create an outdoor gallery is the goal and you must demonstrate that this is something you can achieve. I am not sure that many artists understand, but you can be automatically disqualified (without notice) if you have identifing information in the your booth shot. Names can be blurred (completely acceptable) and there should never be people in the photo.
Current Work: While the jury is not given your name, this is a small community and I for instance can recognize the work of a large number of the applicants as I have been working in the juried art show space for over 30 years. If the same old images are shown and you are recoginized, the percpeption that you are not growing and changing as an artist will affect your scores.
Artist Statement: Image is king, especially in a blind jury system but your artist statement may be the key to an inviation to the show. When deciding between a few applicants, this statement is often the deciding factor. More on the Artist Statement below.
Visual art is all about your image. Are your images and artistic statement providing the jury insight into your work? This is your opportunity to tell the unqiue story of your work.
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Artist Statements
What You Write Matters to the Jury
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Your Artist Statement can be the difference between being invited to showcase at the show or rejected. Most juried art shows require a statement of either process and/or an artist statement. You will need to be prepared for either one.
Here we are discussing the artist statement - it is limited number of words describing what you make and why you make it. It is talking about your work in a way that enhances the viewers (jurors) experience.
It is not is a string of adjectives, a list of your accomplishments, or a story about discovering art.
Writing clear, concise, and compelling sentences about your art is daunting, so start with keywords. Be specific and avoid art jargon. Use active rather than passive tense, and find verbs and adjectives that really strike to the heart of what it is you do. Click HERE to read more about creating your Artist Statement.
Now you have a list of words describing your art and you get to pick the best ones to fulfill the very basic elements of an artist statement: what, why, and (possibly) how. Write in the first person and I encourage the use of full sentences, as fragments sound flighty.
What. Make sure to state what medium you work in, its amazing how many artists do not use this fundamental fact.
Why. Be confident: Your art shouldn’t “hope” or “try” to do something to the viewer, it should just do it. Here is where you can also bring up, without going into the art historical weeds, your influences and inspirations.
How. If you have a truly unique process that’s important to understand—or one that images can’t accurately convey—briefly describe how you make your work. Please note: Collage is not a unique process and there’s no inventive way to describe it as such, even if you use the word “juxtapose.”
As an artist, this is an opportunity to create a living document reflecting your art and aspirations. For the reader, the statement provides a window into understanding who you are and what your vision is.
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The Art-Linx website has the most current Call to Artist information
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